Bahrain
BahrainOne regulator, one rulebook: Bahrain licenses crypto firms in four tiers and, since June 2026, its first stablecoin issuer.
Licences
What it takes to operate in Bahrain: 2 licences, who issues each, what it covers and who holds one.
Crypto-asset service licence (Categories 1 to 4)
CBB · CBB Law 2006; CBB Rulebook Volume 6, Module CRA
Category 1 order routing and advice; Category 2 agency trading, portfolio management and custody; Category 3 adds dealing as principal; Category 4 operates a licensed crypto-asset exchange.
What it takes
- Paid-up capital of BD 25,000, 100,000, 200,000 or 300,000 depending on category, paid into a Bahraini retail bank
- Only accepted crypto-assets may be offered; exchanges must not trade against clients from proprietary capital
- Client assets segregated under the CRA-8 custody rules
- Technology governance, cyber security testing and incident reporting to the CBB
- Full AML/CFT programme with enhanced due diligence at onboarding
Stablecoin issuer licence
CBB · CBB Law 2006, Articles 37 and 38; CBB Regulation No. 1 of 2007; CBB Rulebook Volume 6, Module SIO
Issuing, offering, minting and burning fiat-backed approved stablecoins in or from Bahrain, and managing and safeguarding their reserve assets.
What it takes
- Bahraini joint stock company with BD 250,000 base capital; equity and liquid assets of at least 50% of annual operating expenses
- Single-currency stablecoins backed 1:1 by BHD, USD or another currency the CBB approves
- Reserves of at least 100% of stablecoins in circulation, held in custody within five business days of issuance
- Redemption at par within five business days
- Monthly report by an independent external audit firm confirming full backing of reserves
- Published whitepaper and recovery plan
Holders include
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