GCC Gets First Bitcoin Fund from National Bank of Bahrain
The National Bank of Bahrain (NBB) has introduced its first Bitcoin investment fund, targeting institutional investors in the Middle East’s Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
This fund, developed in partnership with digital asset firm ARP Digital, the fund offers investors exposure to Bitcoin with a cap on potential gains and full protection against any losses.
According to local media, Abdulla Kanoo, co-founder and co-chief executive officer at ARP Digital, said, “Our collaboration with NBB is poised to be a game-changer in the regional market. By leveraging our expertise in digital assets and NBB’s extensive reach in the financial sector, we have created a product that introduces Bitcoin exposure within a highly secure framework.”
Bahrain has been working hard to attract digital asset businesses, creating a crypto-friendly environment with clear regulations. This has drawn companies like Binance, Crypto.com, and BitOasis to set up operations in the country.
The UAE is also making strides in crypto regulation. In 2023, Dubai’s Virtual Asset Regulatory Authority (VARA) released a comprehensive set of rules for companies dealing with cryptocurrencies, making it easier for Web3 firms to operate in the region.
According to Chainalysis, the Middle East and North Africa (MENA) region saw $338.7 billion in crypto transactions from July 2023 to June 2024. Most of these transactions came from institutional investors, with centralized exchanges dominating, although decentralized platforms are gaining traction, especially in the UAE and Saudi Arabia.
This new fund from NBB offers a promising avenue for regional investors to safely engage with Bitcoin in a well-regulated environment.
Also Read: Bitcoin Price Jumps to $63K After Trump and Musk Rally
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