In a significant move to bolster its presence in the Middle East, Crypto.com has obtained full approval from the Central Bank of Bahrain (CBB) to operate as a Payment Service Provider (PSP). This authorization, granted to its local subsidiary “FORIS GFS BH B.S.C. CLOSED,” enables the Singapore-based cryptocurrency exchange to offer a range of payment services within the Kingdom and the broader Gulf Cooperation Council (GCC) region.
Expansion of Services in the GCC
With the PSP license, Crypto.com is poised to introduce e-money services and fiat-based payment solutions, including its globally recognized prepaid cards, to Bahrain and neighboring countries. This development aligns with the company’s strategy to broaden its footprint in the GCC, a region increasingly embracing fintech innovations and digital asset integration.
Bahrain’s Commitment to Fintech Innovation
H.E. Noor bint Ali Alkhulaif, Bahrain’s Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board, expressed enthusiasm over Crypto.com’s investment in the Kingdom. She highlighted that the company’s extensive international presence and commitment to regulatory compliance would enhance Bahrain’s vision of cultivating a digital-first, resilient economy that fosters innovation. Alkhulaif emphasized Bahrain’s streamlined investment environment, which supports the growth of the blockchain, cryptocurrency, and fintech sectors.
Crypto.com’s Perspective
Eric Anziani, President and Chief Operating Officer of Crypto.com, acknowledged Bahrain’s efforts in establishing a crypto-friendly ecosystem. He noted that the Kingdom has implemented clear regulations that balance consumer protection with commercial opportunities, creating an environment conducive to fintech advancement. Anziani expressed appreciation for Bahrain’s forward-thinking approach and conveyed eagerness to contribute to the growth of the crypto industry within Bahrain and across the GCC.
Strategic Collaborations and Future Plans
Further solidifying its commitment to the region, Crypto.com has entered into a Memorandum of Understanding (MOU) with BENEFIT, Bahrain’s leading company in fintech and electronic financial transaction services. This collaboration aims to explore joint initiatives to expand the digital assets and fintech ecosystem in Bahrain. Potential areas of partnership include payment integration and the rollout of Crypto.com’s prepaid card services.
Bahrain: A Regional Fintech Hub
Bahrain has emerged as a pioneer in digital asset regulation within the GCC, being among the first to issue crypto-asset licenses in the region. The Kingdom’s proactive regulatory framework and investment-friendly policies have attracted several prominent cryptocurrency exchanges and fintech companies, positioning Bahrain as a leading hub for crypto services and financial technology innovations.
Global Expansion Efforts
The approval from Bahrain’s central bank adds to Crypto.com’s series of regulatory milestones worldwide. The company has secured licenses in multiple jurisdictions, including Singapore, France, Australia, Ireland, Malta, the United Kingdom, the United States, Canada, and South Korea. In the GCC region, Crypto.com has also obtained a Virtual Asset Service Provider License from the Dubai Virtual Assets Regulatory Authority (VARA) and launched its exchange platform for institutional investors in April 2024.
Implications for Users and the Market
For consumers in Bahrain and the surrounding region, Crypto.com’s entry signifies increased access to diverse digital payment solutions and cryptocurrency services. The introduction of prepaid cards linked to crypto wallets offers users seamless integration between digital assets and everyday transactions. Moreover, Crypto.com’s collaboration with local entities like BENEFIT is expected to foster innovation, enhance financial inclusion, and stimulate the growth of the digital economy in the region.
Conclusion
Crypto.com’s full approval from the Central Bank of Bahrain marks a pivotal step in the company’s mission to expand its global presence and offer comprehensive digital payment solutions. As Bahrain continues to position itself as a fintech and crypto-friendly hub, partnerships and regulatory advancements like these are poised to drive the evolution of the financial landscape in the GCC and beyond.
