The Central Bank of Bahrain today granted Singapur-based Crypto.com full approval to provide payment service provider (PSP) services through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED,” adding to the company’s significant regulatory milestones in the region.
The PSP license will allow Crypto.com to expand its offerings of e-money and fiat-based payment services regionally, including the launch of its world-renowned prepaid cards.
Cypto.com has already been licensed worldwide, including Singapore, France, Australia, Ireland, Malta, the United Kingdom, the United States, Canada, and South Korea.
“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.
He added, “Backed by the agility of our Team Bahrain approach, which fosters a streamlined investment environment that champions ease of doing business, Bahrain is successfully building a world-class ecosystem to support the evolution of the fast-growing blockchain, crypto and fintech industry. This is further supported by robust regulations and a diverse, highly skilled, and future-ready talent pool, particularly within the financial services and technology sectors.”
Bahrain, a hub for digital asset regulation in the Gulf Cooperation Council (GCC) countries, was among the first to issue crypto-asset licenses in the region.
“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 commercialization,” said Eric Anziani, President and COO of Crypto.com. “We appreciate the work of the Kingdom and look forward to progressing our relationship as we play our part in growing the crypto industry in Bahrain and across the GCC.”
The announcement builds on Crypto.com’s regulatory licensing momentum globally, having received its Virtual Asset Service Provider Licence from the Dubai Virtual Assets Regulatory Authority (VARA) and the launch of the Crypto.com Exchange for institutional investors in April 2024.
Source: Bahrain Economic Development Board
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