Crypto.com has secured full approval from the Central Bank of Bahrain to provide payment service provider (PSP) services. This approval was granted to its subsidiary, FORIS GFS BH B.S.C. CLOSED, registered in Bahrain. This marks another regulatory achievement for Crypto.com in the region.
The PSP licence enables Crypto.com to expand its services, offering e-money and fiat-based payment solutions. The company plans to introduce its prepaid cards in the region as part of this expansion.
Bahrain Advances Crypto Regulation
Bahrain is recognized as a centre for digital assetregulation within the Gulf Cooperation Council. It was among the first in the region to issue crypto-asset licences. The Bahrain Economic Development Board plays an active role in supporting investment, working closely with companies to offer strategic advisory services as part of its efforts to attract investments.
“With its extensive international presence and an earned reputation for regulatory compliance, we are delighted that Crypto.com has chosen the Kingdom of Bahrain as a destination for investment, which will further bolster Bahrain’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress,” said H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board.
Today, we are proud to announce that https://t.co/bbHWVWCATn has received a Payment Service Provider Licence from Central Bank of Bahrain. I have been personally impressed by #TeamBahrain. Their support, openness and thoughtfulness throughout our journey has been remarkable! pic.twitter.com/EzztRURSAx
— Eric Anziani (@ericnode) September 19, 2024
Securing Multiple Licences
Crypto.com continues to grow its ecosystem globally, with over 100 million users. This announcement adds to its regulatory approvals, following its recent Virtual Asset Service Provider Licence from Dubai’s Virtual Assets Regulatory Authority. In April 2024, the company also launched the Crypto.com Exchange for institutional investors.
Crypto.com holds licences in the markets including Singapore, France, Australia, Ireland, Malta, the United Kingdom, the United States, Canada, and South Korea.
“Bahrain has been working to create an innovation-friendly crypto and fintech ecosystem, which has involved putting in place clear regulation that balances consumer protection with commercialisation,” said Eric Anziani, President and COO of Crypto.com.
This article was written by Tareq Sikder at www.financemagnates.com.
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