- Crypto.com secures a full Payment Service Provider (PSP) license from Bahrain’s Central Bank.
- The license allows Crypto.com to offer e-money and fiat-based payment solutions in Bahrain.
- This expansion strengthens Crypto.com’s presence in the MENA region.
- Bahrain is a leader in digital asset regulation within the Gulf Cooperation Council (GCC).
Crypto.com, a leading global cryptocurrency platform, has secured a full Payment Service Provider (PSP) license from the Central Bank of Bahrain (CBB). This milestone marks a key expansion for the Singapore-based company in the Middle East and North Africa (MENA) region.
Operating through its subsidiary, FORIS GFS BH B.S.C. CLOSED, Crypto.com can now offer a broader range of payment services in Bahrain, enhancing its regional presence.
Crypto.com’s latest regulatory approval adds to a series of licenses it has obtained globally. The company recently received a Virtual Asset Service Provider License from Dubai’s Virtual Assets Regulatory Authority and launched its institutional exchange in April 2024.
With more than 100 million users worldwide, Crypto.com continues to expand its ecosystem and strengthen its regulatory compliance across key markets, including Singapore, France, Australia, and the United States, among others.
The new PSP license grants Crypto.com the ability to provide e-money and fiat-based payment solutions, including its highly popular prepaid cards. This move strengthens the company’s foothold in the region and supports Bahrain’s drive towards becoming a digital-first economy.
H.E. Noor bint Ali Alkhulaif, Bahrain’s Minister of Sustainable Development, praised the company’s decision to invest in Bahrain, highlighting the nation’s focus on innovation and regulatory compliance. She noted that Bahrain’s agile approach to investment is fostering a business environment conducive to the growth of the fintech and blockchain sectors.
Crypto.com’s Contribution to the GCC’s Crypto Industry
Additionally, Eric Anziani, Crypto.com’s President and COO, commended Bahrain’s efforts to create a regulatory framework that encourages innovation while protecting consumers. He expressed the company’s excitement about contributing to the expansion of the crypto industry in both Bahrain and the wider Gulf Cooperation Council (GCC) region.
Bahrain has been a trailblazer in the GCC when it comes to digital asset regulation. The island nation was one of the first in the region to issue crypto-asset licenses, positioning itself as a key player in fintech and crypto services. The Bahrain Economic Development Board (EDB) has been instrumental in this process, providing essential advisory services to companies interested in investing in the country.
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