Crypto.com, a prominent global cryptocurrency exchange, has officially secured a crypto payment service provider license from the Central Bank of Bahrain. This new development aligns with the company’s strategic expansion efforts within the Gulf Cooperation Council (GCC) region. The exchange had previously obtained a similar license from Dubai's Virtual Assets Regulatory Authority (VARA), highlighting its commitment to broadening its presence in the Middle East.
Through its subsidiary, registered in Bahrain as “FORIS GFS BH B.S.C. CLOSED,” Crypto.com is now authorized to offer payment service provider (PSP) services. This license will enable the exchange to enhance its range of e-money and fiat-based payment solutions throughout the region, including the rollout of its renowned prepaid cards.
H.E. Noor bint Ali Alkhulaif, the Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board, expressed enthusiasm about Crypto.com’s investment. She noted that the partnership would bolster Bahrain's vision of creating a digital-first economy that embraces innovation and progress.
Bahrain has been proactive in fostering a crypto-friendly environment, characterized by clear regulations that ensure consumer protection while promoting commercial growth. Eric Anziani, President and COO of Crypto.com, acknowledged the Kingdom's efforts, stating, “Bahrain has been working to create an innovation-friendly crypto and fintech ecosystem.” He emphasized the importance of regulatory frameworks in balancing the needs of consumers and businesses.
The licensing move underscores Bahrain’s status as one of the first countries in the region to issue crypto-asset licenses, having already granted them to companies like Rain and CoinMENA, as well as global giant Binance.
Crypto.com’s operations extend far beyond the GCC, as the exchange holds licenses in various key markets, including Singapore, France, Australia, Ireland, Malta, the United Kingdom, the United States, Canada, and South Korea. The company’s international footprint and reputation for regulatory compliance further reinforce its strategy to establish a robust presence in diverse financial landscapes.
With this latest licensing milestone, Crypto.com is poised to play a significant role in the ongoing development of the crypto and fintech sectors in Bahrain and the broader GCC region. The exchange's commitment to regulatory compliance and innovation positions it well to capitalize on the growing demand for digital financial services.
As Bahrain continues to build a world-class ecosystem for blockchain and cryptocurrency, collaborations with established players like Crypto.com will likely contribute to the region’s evolving financial landscape, ensuring it remains at the forefront of the digital economy.
September 2024, Cryptoniteuae