Singapore-based cryptocurrency exchange Crypto.com continues to grow its presence in the MENA region with the receipt of a full payment service provider license from the Central Bank of Bahrain (CBB). The license will permit the cryptocurrency exchange’s local subsidiary to offer e-money and fiat services, including the issuance of prepaid cards, throughout the Gulf Cooperation Council (GCC) states. This is another significant regulatory milestone for Crypto.com in the region, following its recent Virtual Asset Service Provider Licence from Dubai’s Virtual Assets Regulatory Authority.
Crypto.com joins a small circle of crypto exchanges as entities licensed in Bahrain. Binance received a crypto-asset service provider license in Bahrain in March 2022, while BitOasis received a category 2 license in Bahrain this year. Crypto.com chief operating officer Eric Anziani said: "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. 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."
The CBB also has a regulatory sandbox that has attracted OpenNode and JPMorgan to its projects. This approval enables Crypto.com to expand its payment services in the region, including e-money offerings as well as the introduction of its prepaid cards.
The news comes just over a month after Crypto.com was named the official partner of the UEFA Champions League, one of the world’s most prestigious football tournaments. This is a significant step for Crypto.com as it continues to expand its global reach and build its brand recognition.
Bahrain’s Minister of Sustainable Development, H.E. Noor bint Ali Alkhulaif, welcomed the company’s move, highlighting its role in advancing the Kingdom’s vision of a digital-first economy.
"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," she said.
"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."
Bahrain has positioned itself as an early leader in crypto regulation within the Gulf Cooperation Council (GCC), being one of the first in the region to issue crypto-asset licences. The country has become a key hub for crypto services and fintech innovation. Bahrain’s Economic Development Board (EDB), as the nation’s investment promotion agency, supports both new and existing businesses by offering industry assessments and strategic advice, aligning with its goal of attracting investment to the Kingdom.
Crypto.com continues to expand its global presence, now serving over 100 million users worldwide. This approval in Bahrain adds to its growing list of regulatory achievements, including a virtual asset service provider licence from Dubai’s Virtual Assets Regulatory Authority (VARA) and the launch of its institutional-focused Crypto.com Exchange in April 2024. Additionally, Crypto.com holds licences to provide services in key markets, including Singapore, France, Australia, Ireland, Malta, the UK, the US, Canada and South Korea.
Crypto.com's Regulatory Journey
Crypto.com’s journey in securing regulatory approval has been remarkable, reflecting its commitment to operating within a compliant framework. The company’s recent licensing achievements in Dubai and Bahrain underscore its determination to expand its presence in the MENA region, a hub for digital asset growth. Crypto.com is now among a select group of crypto exchanges that have gained regulatory approval in Bahrain, placing it in a strong position to further its growth ambitions within the GCC and beyond.
Crypto.com’s success in obtaining the PSP license in Bahrain highlights the increasing acceptance and regulatory support for cryptocurrencies globally. As the industry matures, we can expect to see more such approvals, paving the way for greater mainstream adoption of cryptocurrencies and related technologies.
The GCC Crypto Landscape
The GCC region is experiencing a surge in crypto adoption, attracting both global and regional players. Governments and regulators in the GCC are taking proactive steps to establish a conducive environment for crypto businesses.
Bahrain, with its progressive approach to regulation, is emerging as a leading hub for crypto innovation. The country’s commitment to establishing a clear regulatory framework that balances consumer protection with commercialisation is attracting significant interest from crypto companies.
The recent licenses granted to Binance and BitOasis, along with Crypto.com’s latest approval, are testament to Bahrain’s efforts to foster a thriving crypto ecosystem. This regulatory clarity is encouraging further investments and driving the growth of the crypto industry in the GCC.
The Future of Crypto in the GCC
The GCC region is poised for significant growth in the crypto sector. The supportive regulatory landscape, coupled with the increasing adoption of cryptocurrencies and blockchain technology, will create opportunities for both traditional financial institutions and emerging fintech companies.
As more crypto exchanges and service providers establish a presence in the GCC, we can expect to see further innovation in the digital asset space. The region’s strategic location, its growing tech-savvy population, and its commitment to fostering a robust fintech ecosystem make it an ideal ground for the development of new crypto applications and services.
The future of crypto in the GCC looks bright, with Bahrain playing a pivotal role in shaping the region’s digital asset landscape. The country’s success in attracting major players like Crypto.com, Binance, and BitOasis highlights its commitment to innovation and its potential to become a leading global hub for crypto activity.
Crypto.com’s Global Expansion
Crypto.com’s efforts in the GCC are part of a broader global expansion strategy. The company is actively seeking regulatory approval in key markets around the world, aiming to provide its services to a global audience.
This global approach underscores the growing importance of cryptocurrencies as a means of payment, investment, and financial inclusion.
As Crypto.com continues to expand its footprint, it will undoubtedly play a significant role in shaping the future of the crypto industry.
Crypto.com’s Global Expansion
The company’s global expansion strategy is evident in its recent moves, such as:
- Acquiring a VASP Licence from Ireland’s Central Bank
Crypto.com recently received approval as a Virtual Asset Service Provider (VASP) from the Central Bank of Ireland, enabling it to further its offering in Ireland, including crypto-to-fiat exchanges and fiat wallets. The VASP license assures that Crypto.com’s compliance procedures are top-tier, including when it comes to anti-money laundering and combating the financing of terrorism (AML/CFT). These issues are very relevant today as cryptocurrencies have become a popular way to circumvent laws and sanctions. Crypto.com caters to a global client base of 100 million customers.
- Expanding its Services in Singapore
Crypto.com is a multi-regulated crypto trading platform boasting regulatory authorizations in several jurisdictions, including:
- Singapore
- France
- Australia
- Ireland
- Malta
- The United Kingdom
- The United States
- Canada
- South Korea
Crypto.com’s global reach and its commitment to regulatory compliance have been instrumental in its success. As the crypto industry continues to evolve, companies like Crypto.com will play a crucial role in shaping its future by providing innovative solutions and adhering to regulatory standards.
