Bahrain: First Digital Assets Exchange Launched

Zawya, 4 October 2024: ATME, a regulated digital assets exchange in Bahrain, has officially launched at FinTech Forward 2024, hosted by the Bahrain Economic Development Board (EDB).

Licensed by the Central Bank of Bahrain (CBB), ATME aims to democratise access to a wide range of previously illiquid assets through fractional ownership.

Built on a private blockchain network, ATME facilitates the conversion of real-world assets into digitally tradable tokens.

These tokens represent a new, more convenient form of traditional financial instruments, such as debt, equity, and more.

By incorporating tokenisation, ATME enables businesses to gain access to new, more cost-effective ways of raising capital.

Meanwhile, it opens doors to new, high-value investments and portfolio diversification for investors.

ATME’s platform ensures a trustworthy digital asset trading environment by restricting access to authorised participants who have undergone rigorous KYC and AML compliance.

By incorporating the enterprise-grade Hyperledger Fabric framework, ATME provides a comprehensive range of services to optimise the capital raising process and enhance investment potential.

With comprehensive regulatory backing, ATME is poised to contribute significantly to Bahrain’s economic diversification efforts and further elevate the country’s prominence in the global fintech landscape.

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Bahrain: New Regulations for Tourist Establishments

Al-Biladpress, 29 September 2024: Tourist facilities in Bahrain face new restrictions on their operating hours and services.

The new regulations, issued by the Tourism Ministry, aim to regulate the hospitality industry and ensure compliance with certain standards.

The key aspects of the new regulations include a complete closure of tourist facilities offering food and beverages in hotels at 3 AM.

Additionally, the provision of tourist services, artistic and musical performances, and music operations is prohibited between 2:30 AM and 12 PM for certain categories of establishments.

Furthermore, restaurants designated for independent tourist services separate from hotels are required to obtain a licence from the Bahrain Tourism and Exhibitions Authority.

These establishments are also mandated to comply with specific conditions, such as obtaining approvals from relevant authorities, not altering their premises or management without prior consent, and refraining from engaging in unauthorised activities.

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Bahrain: Government Rejects Proposal to Audit Sports and Labour Unions

The Daily Tribune, 18 September 2024: The government has rejected a legislative proposal that aimed to place sports and labour unions under the supervision of the Financial and Administrative Audit Bureau.

The government has argued that the funds of these organisations are private, not public.

In a memorandum to the Council of Representatives, the government has stated that the Bahrain Olympic Committee is an independent body with legal personality and financial, administrative, and technical autonomy.

It operates under the provisions of the Olympic Charter and its president issues a unified statute covering the formation, administration, dissolution, meetings, and international participation of sports federations, along with their administrative and financial matters.

The government has emphasised that the federations operate in accordance with laws and regulations issued by the international federation for each sport.

It has also highlighted that the Olympic Committee receives financial support from the Supreme Council for Youth and Sports, further solidifying the private nature of their funds.

Purpose Regarding labour unions, the government explained that their purpose is to protect the interests and rights of workers.

They are granted independent legal personality upon registration with the Labour Ministry and are required to include provisions in their statutes regarding the preservation of their funds, financial systems, and financial records.

The government’s response to the Council of Representatives emphasised that the law does not classify the funds of labour unions as public money and does not grant them the protection afforded to public funds.

Their financial resources are limited to membership fees, contributions, grants, donations, bequests, proceeds from events, and other sources that comply with the law and the organisation’s statutes.

Oversight While the government maintains that these organisations are private entities and their funds are not subject to the Financial and Administrative Audit Bureau’s oversight, it acknowledged a potential for oversight.

The Minister of Youth and Sports can request the Bureau to audit the financial records of sports federations, based on the Associations Law.

This provision allows the minister to review the income and expenses of sports associations and clubs, ensuring the integrity of their resources and the legitimacy of their spending.

However, this oversight is discretionary and not mandatory.

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Bahrain: Electronic Government Launches Appointments National System

Alayam, 3 September 2024: The CEO of the Information & eGovernment Authority has announced the official launch of the National Appointments System and the (Mawaeed) application available on the eGovernment Apps Store.

This initiative aligns with the government’s directives and supports the priorities of the government program (2023-2026) to digitise government services and transactions comprehensively.

The appointment system and application were implemented by the Interior Ministry and the Information and eGovernment Authority.

After a successful trial phase, 18 new service centres from seven government agencies have joined the system, including the Labour Ministry, the Social Development Ministry, the Housing and Urban Planning Ministry, the Justice, Islamic Affairs and Endowments Ministry, the Municipalities Affairs and Agriculture Ministry, the Public Prosecution, and the Royal Humanitarian Foundation, bringing the total number of participating government agencies to nine.

The National Appointments System and the (Mawaeed) application aim to streamline and improve the delivery of government services, making them more accessible and convenient for citizens and residents.

This digital transformation initiative demonstrates the government’s commitment to modernising public services and improving the overall experience for the public.

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Bahrain: Introduces New Tax for Multinational Enterprises

Zawya, 3 September 2024: Bahrain has announced the introduction of a Domestic Minimum Top-up Tax (DMTT) for Multinational Enterprises (MNEs) as outlined in Bahrain Decree-Law No. 11/2024.

The new framework for MNEs is fully aligned with the Organisation for Economic Co-operation and Development (OECD) guidelines, and will be effective from 1 January 2025, highlighting Bahrain’s commitment to promoting global economic fairness and transparency.

This strategic move builds on Bahrain’s proactive engagement with the OECD, dating back to 2018 when it joined the Inclusive Framework and endorsed the groundbreaking two-pillar reform.

To date, more than 140 jurisdictions have signed up for this international tax reform.

As part of this two-pillar reform, the OECD established a Global

Minimum Corporate Tax to ensure large MNEs pay a minimum tax of 15% on profits in each country where they operate.

With the introduction of the DMTT, the kingdom demonstrates its international commitment to global co-operation and its dedication to fostering a fair and level playing field in international taxation, the National Bureau for Revenue (NBR).

Implementing this initiative aims to ensure that MNEs pay the minimum 15pc tax on the profits generated in the kingdom.

This decree law will apply exclusively to large MNEs operating in the kingdom, with global revenues surpassing the Pillar Two threshold of 750 million euros (BD312m).

Eligible businesses are urged to register with the NBR before the deadline specified in the relevant legislation.

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Bahrain: Accreditation For Three New Medical Specialties

The Daily Tribune, 25 August 2024: Government Hospitals have earned accreditation for three additional medical specialties from the Saudi Commission for Health Specialties, bringing the total number of accredited programmes to 16.

The newly accredited specialties include ophthalmology, emergency medicine, and dermatology.

They join previously accredited areas such as internal medicine, general surgery, obstetrics and gynaecology, paediatrics, diagnostic radiology, neuroscience, anaesthesia, anatomical pathology, psychiatry, paediatric surgery, urology, orthopaedic surgery, and otolaryngology-head and neck surgery.

This recent accreditation reflects the hospitals’ ongoing effort to enhance healthcare quality in Bahrain and demonstrates their emphasis on medical training as a key element in developing skilled professionals.

The hospitals aim to offer a high-quality educational environment, providing trainees with the expertise needed for safe professional practice.

They work to meet both institutional and programme standards, fully leveraging available resources for specialised medical training, under the supervision of bodies such as the Arab Board of Health Specialisations and the Saudi Commission for Health Specialties.

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Bahrain: Housing Policy Changes

Bahrain Daily Tribune, 20 August 2024: A number of new changes to housing policy in Bahrain have been introduced including the lifting of wives using inherited property for benefits.

In addition, there will be a new streamlined property allocation process and a shift in income assessments to the nomination stage rather than the allocation stage as was previously the case. The Cabinet has approved the revised housing regulations. As result of a new rule children over 21 will not be considered if the applicant is a widow or divorcee with minor children. The amendments have been made to Bahrain Decision No. 909/2015.

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Bahrain: Labour Market Regulatory Authority Conducts Extensive Inspections

The Daily Tribune, 6 August 2024: The Labour Market Regulatory Authority (LMRA) in Bahrain has intensified its efforts to combat illegal and undocumented workers, as well as other labour market violations.

Between 21 July and 3 August 2024, the LMRA has conducted 1,411 inspection campaigns and visits across various governorates of the Kingdom.

These inspections led to the apprehension of 100 illegal and undocumented workers, while 350 violators were deported during the same period.

The inspections have revealed numerous violations related to the LMRA Law, the Residency Law of Bahrain, and other relevant regulations.

The LMRA has conducted 1,378 inspection visits to commercial establishments across all governorates, along with 33 joint inspection campaigns.

These campaigns were carried out in collaboration with various government entities, including the Interior Ministry, security directorates, the General Directorate for Execution of Judgments, the Tourism and Exhibitions Authority, the Electricity and Water Authority, the Health Ministry, and the Industry and Commerce Ministry.

The joint efforts aimed to ensure comprehensive inspections and effective enforcement of labour regulations.

The campaigns were distributed as follows: 23 in the Capital Governorate, three in Muharraq Governorate, five in the Northern Governorate, and two in the Southern Governorate.

Legal action has been taken against the identified violations, as stated by the LMRA.

The authority emphasised its ongoing coordination with government entities to intensify inspection campaigns across the Kingdom.

This initiative aims to combat practices that negatively impact the labour market’s stability, competitiveness, or harm the economic and social security of Bahrain.

The LMRA has reiterated its call for community members to support government efforts in tackling illegal practices in the labour market and irregular employment, protecting the community as a whole.

Individuals are encouraged to report any complaints related to labour market violations and irregular employment by filling out the designated electronic reporting form on the LMRA’s official website (www.lmra.gov.bh), using the National Suggestions and Complaints System (Tawasul), or contacting the LMRA’s call center at 17506055.

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