The Central Bank of Bahrain has today granted Crypto.com full approval to provide payment services as a Payment Service Provider (PSP) through its subsidiary registered in the Kingdom of Bahrain under the trade name “FORIS GFS BH B.S.C. CLOSED”. This achievement adds to the company’s significant regulatory milestones in the region and will enable Crypto.com to expand its payment services regionally, both in electronic money and fiat, including the launch of its popular prepaid cards.
“We are delighted that Crypto.com has chosen the Kingdom of Bahrain as a destination for its investments, further strengthening Bahrain’s ability to fulfill its vision of developing a resilient, digitally prioritized economy that celebrates innovation and progress,” said H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and CEO of the Bahrain Economic Development Board. Alkhulaif highlighted Team Bahrain’s agile approach, fostering a streamlined investment environment and advocating for ease of doing business, building a world-class ecosystem to support the evolution of the blockchain, crypto, and fintech industry. This development is also supported by robust regulations and a diverse and highly qualified talent pool, especially in the financial services and technology sectors.
Meanwhile, Eric Anziani, President and COO of Crypto.com, noted that Bahrain has been working to create a crypto and fintech ecosystem conducive to innovation, implementing clear regulation that balances consumer protection with marketability. Anziani thanked the Kingdom for its work and expressed his desire to progress the relationship between both parties, contributing to the growth of the crypto industry in Bahrain and the Gulf Cooperation Council (GCC).
Bahrain has established itself as a pioneering hub in digital asset regulation, being one of the first to issue crypto asset licenses in the region. As the country’s investment promotion agency, the Bahrain Economic Development Board (Bahrain EDB) closely collaborates with potential and existing clients, providing critical services including industry assessments and strategic advice, in line with its mandate to attract investments to the Kingdom.
Crypto.com continues to expand its global ecosystem, with over 100 million users worldwide. This announcement in Bahrain complements the company’s regulatory momentum internationally, having recently received the Virtual Asset Service Provider License from the Virtual Asset Regulatory Authority of Dubai (VARA) and launched the Crypto.com Exchange for institutional investors in April 2024. The company also holds licenses in key markets such as Singapore, France, Australia, Ireland, Malta, the UK, the US, Canada, and South Korea.
About Bahrain Economic Development Board (Bahrain EDB)
The Bahrain Economic Development Board (Bahrain EDB) is an investment promotion agency responsible for attracting capital to the Kingdom and supporting initiatives that enhance the investment climate. It works in collaboration with the government and investors to ensure that the investment environment in Bahrain is attractive and to communicate the Kingdom’s strengths, identifying opportunities for further economic growth.
Bahrain EDB focuses on several key economic sectors that leverage the country’s competitive advantages, offering relevant investment opportunities. These sectors include financial services, manufacturing, logistics, information and communication technology (ICT), and tourism.
For more information: www.bahrainedb.com.
via: MiMub in Spanish