Crypto.com is now fully licensed by the Central Bank of Bahrain to offer e-money and fiat services in the Kingdom and across the Gulf Cooperation Council’s member states.
Global digital asset exchange Crypto.com has received a full payment service provider license from the Central Bank of Bahrain, marking its expansion in the Middle East and North Africa (MENA) region. With that, Crypto.com can offer services related to e-money and fiat services throughout the Gulf Cooperation Council (GCC) states, comprising Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates.
The announcement brings Crypto.com into a small circle of exchanges regulated in Bahrain. Binance received regulatory approval here in 2022, and BitOasis secured a category-2 license this year. The CCB has also previously approved local exchanges Rain and CoinMENA.
In a statement issued by Crypto.com, the exchange’s President and COO, Eric Anziani, said, “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.” He also iterated that this step would help the firm expand in the country and across the GCC.
Bahrain’s minister of sustainable development and chief executive of the Economic Development Board, H.E. Noor bint Ali Alkhulaif, mentioned, “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.”
Crypto.com Is Actively Expanding Worldwide
Crypto.com recently made news in the MENA partnering with Standard Chartered to offer fiat currency services in UAE Dirhams, US Dollars, and Euros with full approval from Dubai’s Virtual Asset Regulatory Authority (VARA). It also received its full operational license from VARA not too long ago after receiving a provisional license in 2022.
The exchange is licensed in a whole host of nations, including the United States, the United Kingdom, Ireland, the Netherlands, France, Canada, Singapore, South Korea, and Australia. It has applied for licensure in Hong Kong and awaits to receive it with a list of other exchanges.
