Crypto.com Receives Payment Service Provider License from Central Bank of Bahrain
Crypto.com, a leading cryptocurrency platform, has recently announced that it has secured a Payment Service Provider (PSP) license from the Central Bank of Bahrain. This approval was granted to their subsidiary, registered in the Kingdom of Bahrain under the name “FORIS GFS BH B.S.C. CLOSED.” This milestone marks a significant achievement for Crypto.com, allowing them to offer e-money and fiat-based payment services in the region, including the launch of their popular prepaid cards.
Bahrain’s Support for Innovation and Fintech
The Kingdom of Bahrain has been actively fostering an environment conducive to innovation and technological advancements in the fintech sector. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board, expressed her delight in Crypto.com’s decision to invest in Bahrain. She highlighted the country’s commitment to developing a digital-first economy that embraces innovation and progress.
Bahrain’s “Team Bahrain” approach, which focuses on creating a streamlined investment environment, has played a crucial role in attracting companies like Crypto.com to the region. The government’s dedication to supporting the growth of the blockchain, crypto, and fintech industry is evident through its robust regulatory framework and the availability of a skilled talent pool in the financial services and technology sectors.
Eric Anziani’s Perspective on Bahrain’s Crypto Ecosystem
Eric Anziani, President and COO of Crypto.com, commended Bahrain’s efforts in establishing an innovation-friendly crypto and fintech ecosystem. He emphasized the importance of clear regulations that strike a balance between consumer protection and commercialization. Anziani expressed gratitude towards the Kingdom of Bahrain and expressed eagerness to further enhance their relationship as Crypto.com contributes to the development of the crypto industry in Bahrain and the wider GCC region.
Bahrain has positioned itself as a pioneer in digital asset regulation within the Gulf Cooperation Council (GCC) countries. The issuance of crypto-asset licenses early on has solidified its reputation as a leading hub for crypto services and fintech innovations in the region. This proactive approach has attracted a diverse range of companies looking to leverage Bahrain’s conducive regulatory environment for their operations.
As the investment promotion agency of Bahrain, the Bahrain Economic Development Board (EDB) plays a pivotal role in supporting potential and existing clients. Their services, which include industry assessments and strategic advisory, align with the goal of attracting investments and fostering economic growth within the Kingdom.
Future Prospects for Crypto.com and Bahrain
The collaboration between Crypto.com and the Central Bank of Bahrain signifies a promising future for both parties. With the PSP license in hand, Crypto.com is well-positioned to expand its services and offerings in the region, catering to the growing demand for innovative payment solutions. Bahrain, on the other hand, continues to strengthen its position as a hub for fintech and blockchain technology, attracting global players seeking a supportive ecosystem for their operations.
In conclusion, the partnership between Crypto.com and the Central Bank of Bahrain underscores the Kingdom’s commitment to innovation and technological advancement in the financial sector. This development not only benefits the companies involved but also contributes to the overall growth and development of Bahrain’s digital economy. As the fintech landscape continues to evolve, Bahrain’s proactive approach towards regulation and investment promotion sets a solid foundation for sustainable growth and innovation in the region.