Crypto.com has obtained full authorisation from the Central Bank of Bahrain (CBB) to offer payment service provider (PSP) services through its local subsidiary.
This approval represents a notable regulatory achievement for the company in the region, as the PSP licence enables Crypto.com to widenits range of electronic money and fiat payment services in the area, including the introduction of its prepaid cards.
In the company press release, officials from the Bahrain Economic Development Board welcomed Crypto.com's investment in Bahrain and noted the company’s substantial global presence and commitment to regulatory standards, indicating that this development aligns with Bahrain’s objective of supporting a digital-first economy focused on innovation.
They also talked about the Team Bahrain initiative and its role in creating an investment environment that simplifies business operations, allowing Bahrain to develop a competitive ecosystem for the expanding blockchain, crypto, and fintech sectors.
In turn, representatives from Crypto.com remarked on Bahrain's efforts to cultivate an innovation-friendly environment for crypto and fintech, highlighting the establishment of clear regulations that protect consumers while promoting commercialisation. They expressed gratitude for Bahrain's support and optimism for future collaboration in advancing the crypto sector in Bahrain and the broader GCC region.
Bahrain has positioned itself as a noteworthy player in digital asset regulation within the Gulf Cooperation Council (GCC), being one of the first to issue crypto-asset licences. The Bahrain Economic Development Board (EDB) actively assists both potential and existing clients, offering services such as industry assessments and strategic advice to attract investments.
This announcement adds to Crypto.com’s ongoing regulatory advancements, which include receiving a Virtual Asset Service Provider Licence from the Dubai Virtual Assets Regulatory Authority (VARA) and launching the Crypto.com Exchange for institutional clients in April 2024.
The company holds licences for specific services across various key markets, including Singapore, France, Australia, Ireland, Malta, the United Kingdom, the United States, Canada, and South Korea.
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