The Central Bank of Bahrain has approved Crypto.com, one of the leading global crypto exchanges, to provide payment service provider (PSP) services through its subsidiary registered in Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED,” adding to the company’s significant regulatory milestones in the region.
Disclosing this on Thursday, Crypto.com said that the PSP licence will allow the company to expand its offerings of e-money and fiat-based payment services regionally, including the launch of its world-renowned prepaid cards.
Bahrain’s Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board Noor bint Ali Alkhulaif said that with its extensive international presence and an earned reputation for regulatory compliance, we are delighted that Crypto.com has chosen the Bahrain as a destination for investment, which will further bolster the Gulf nation’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress.
She 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.”
Regulations in Place
President and COO of Crypto.com Eric Anziani said that 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 region,” Anziani explained.
Bahrain, a pioneering hub for digital asset regulation within the Gulf Cooperation Council (GCC) countries, was among the first to issue crypto-asset licences in the region, cementing itself as a leading hub for crypto services and fintech innovations in the region.
As the island nation’s investment promotion agency, Bahrain EDB works closely with potential and existing clients providing key services that include industry assessments and strategic advisory, in line with its mandate of attracting investments into Bahrain.
Crypto.com continues to actively grow and expand its ecosystem, with more than 100 million users worldwide.
The latest 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. Cypto.com is additionally licensed for specific services in key markets around the world, including Singapore, France, Australia, Ireland, Malta, the UK, the US, Canada, and South Korea among others.
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