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Malaysia-based Belfrics Global is gearing up to open and operate a cryptocurrency exchange in Bahrain, which will be a first for the Mena region.

This follows the cryptocurrency technology provider receiving a licence from the Central Bank of Bahrain (CBB) to try out the idea in the regulatory sandbox.

Launched in June last year, the sandbox works as a ring-fenced space akin to a lab within which new business models and products that combine finance with information and communications technology can be tried and tested without falling foul of regulations.

Belfrics sees Bahrain as a gateway to the $50 billion digital payment market in the Mena region and is in talks with central banks across Africa, Asia and Middle East.

“We are excited to receive this approval from the CBB as it provides access to a $50bn digital transaction market in the Mena region alone,” said Belfrics Group chairman and chief executive Praveen Kumar Vijayakumar.