The crypto exchange Crypto.com receives approval from the Central Bank of Bahrain to provide payment service provider (PSP) services in the country.
Singapore-based Crypto.com continues to expand its presence in the MENA and Gulf Cooperation Council (GCC) regions with a newly obtained PSP license in Bahrain.
The crypto exchange will serve local customers through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”. Its offerings include e-money and fiat-based payment services, as well as crypto-enabled prepaid cards.
Bahrain is a pioneering hub for digital asset regulation within the GCC countries. It was among the first nations to issue crypto-asset licences in the region. Besides, Bahrain has long established a regulatory sandbox that allows crypto and fintech businesses to test their products and services in a controlled environment with regulatory oversight. Crypto-asset companies currently comprise over 15% of Bahrain’s regulatory sandbox.
“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. 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.”
Eric Anziani, President and COO of Crypto.com
At the same time, only a handful of cryptocurrency service providers have managed to obtain the required license so far. These include Binance and BitOasis, as well as local Shariah-compliant exchanges Rain and CoinMENA.
Meanwhile, Crypto.com is slowly expanding its operational reach across the GCC, which encompasses the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.
The exchange became one of the first crypto platforms to receive full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) and launched its exchange for institutional investors in the UAE in April 2024. A few months later, Crypto.com launched global retail services enabled by Standard Chartered’s tailored banking solutions through the company’s regional hub in Dubai.
Besides that, Crypto.com is licensed for specific services in different markets around the world, 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 backed by the agility of our Team Bahrain approach, which fosters a streamlined investment environment that champions ease of doing business.”
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board
