Crypto.com has secured full approval from the Central Bank of Bahrain to provide payment service provider (PSP) services. This approval was granted to its subsidiary, FORIS GFS BH B.S.C. CLOSED, registered in Bahrain. This marks another regulatory achievement for Crypto.com in the region.

The PSP license enables Crypto.com to expand its services, offering e-money and fiat-based payment solutions. The company plans to introduce its prepaid cards in the region as part of this expansion.

Bahrain Advances Crypto Regulation

Bahrain is recognized as a center for digital asset regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term within the Gulf Cooperation Council. It was among the first in the region to issue crypto-asset licenses. The Bahrain Economic Development Board plays an active role in supporting investment, working closely with companies to offer strategic advisory services as part of its efforts to attract investments.

“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 and Chief Executive of Bahrain Economic Development Board.

Today, we are proud to announce that https://t.co/bbHWVWCATn has received a Payment Service Provider Licence from Central Bank of Bahrain.

I have been personally impressed by #TeamBahrain. Their support, openness and thoughtfulness throughout our journey has been remarkable! pic.twitter.com/EzztRURSAx

— Eric Anziani (@ericnode) September 19, 2024

Securing Multiple Licences

Crypto.com continues to grow its ecosystem globally, with over 100 million users. This announcement adds to its regulatory approvals, following its recent Virtual Asset Service Provider Licence from Dubai’s Virtual Assets Regulatory Authority. In April 2024, the company also launched the Crypto.com Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for institutional investors.

Crypto.com holds licenses in the markets including Singapore, France, Australia, Ireland, Malta, the United Kingdom, the United States, Canada, and South Korea.

“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.