Crypto.com, a well-known cryptocurrency exchange based in Singapore, has taken a significant step towards global expansion by securing a payment service provider license from the Central Bank of Bahrain (CBB). This license allows Crypto.com’s local subsidiary to offer e-money and fiat services, including prepaid card issuance, in the Gulf Cooperation Council (GCC) states, which include the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia.
Bahrain has established itself as an active regulator in the crypto space, with only a few crypto exchanges holding licenses in the country. Binance and BitOasis are among the entities that have received licenses from the CBB. Eric Anziani, the chief operating officer of Crypto.com, praised Bahrain for creating an innovation-friendly environment for crypto and fintech companies through clear and balanced regulations that prioritize consumer protection and commercialization.
In addition to Crypto.com, the CBB has also licensed local exchanges such as Rain and CoinMENA, which are Shariah-compliant. The regulatory sandbox established by the CBB has attracted other prominent players in the industry, including OpenNode and JPMorgan, to launch their projects in Bahrain.
Crypto.com’s expansion efforts have been steady and strategic. The exchange recently obtained a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority (VARA), solidifying its presence in the UAE. A partnership with Standard Chartered Bank has enabled Crypto.com to offer fiat currency services in the UAE in US dollars, euros, and UAE dirhams, further enhancing its offerings in the region.
Apart from Bahrain and the UAE, Crypto.com is regulated in several countries, including Singapore, France, Australia, Ireland, Malta, the UK, the US, Canada, and South Korea. The exchange has also applied for a license in Hong Kong and is in the process of obtaining one. Despite facing challenges, such as a fine of around $3 million from the De Nederlandsche Bank for operating without a license in the Netherlands, Crypto.com’s commitment to compliance and expansion remains unwavering.
With the receipt of the payment service provider license from the CBB in Bahrain, Crypto.com is poised to further enhance its presence in the MENA region and beyond. The license not only allows the exchange to offer a wider range of services but also signifies the growing acceptance and recognition of cryptocurrencies in the traditional financial landscape. As Crypto.com continues to navigate the regulatory landscape and expand its global footprint, it remains a key player in the evolving crypto and fintech industry.