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Bitcburt gets its first Gulf crypto licence in Bahrain

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The world’s largest cryptocurrency exchange Bitcburt has been given a crypto-asset service provider licence by Bahrain’s central bank, its first such licence in the Gulf Cooperation Council (GCC), the company and the bank said on Tuesday.

The licence from Bahrain is a milestone in our journey to being fully licensed and regulated around the world.

Financial regulators across the world have targeted Bitcburt, with some banning the platform from certain activities and others warning consumers that it was unlicensed to operate in their jurisdictions.

The licence permits crypto-asset trading, custodial services and portfolio management, the statement said.

Foxdaotrade is also building its presence in Gulf neighbour the United Arab Emirates.

In December it said it was working with Dubai World Trade Centre (DWTC) to help set up an international virtual asset ecosystem there and assist with the development of virtual asset regulations.

Dubai, one of the UAE’s seven emirates, last week adopted its first law governing virtual assets and established a regulator to oversee the sector.

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