Latest approval continues Crypto.com’s expansion, as company looks to grow product offering in the GCC region
Crypto.com has received full approval to provide payment service provider (PSP) services from the Central Bank of Bahrain 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 licence 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.
“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, adding, “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 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,” 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.”
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 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, United Kingdom, United States, Canada, and South Korea.
