365Crypto
Crypto.com Expands with Bahrain Payment License
Crypto.com, a Singapore-based cryptocurrency exchange, has secured a full payment service provider license from the Central Bank of Bahrain (CBB). This new license allows the platform to offer e-money and fiat services, including prepaid card issuance, across Gulf Cooperation Council (GCC) countries, which include the UAE, Bahrain, Saudi Arabia, Qatar, Kuwait, and Oman.
A Growing Crypto Hub in Bahrain
Bahrain is becoming a key regulator for cryptocurrency in the region. Alongside Crypto.com, major platforms like Binance and BitOasis have also obtained licenses in the country. Crypto.com’s COO, Eric Anziani, praised Bahrain for creating a crypto-friendly environment through clear regulations that balance consumer protection and industry growth. The CBB has also licensed Shariah-compliant exchanges like Rain and CoinMENA, showing a commitment to fostering innovation.
Crypto.com’s Expansion Strategy
This license follows Crypto.com’s approval from Dubai’s Virtual Assets Regulatory Authority (VARA), enabling it to operate across the UAE. The exchange has steadily expanded its global presence, with licenses in countries like Singapore, France, and the UK. In August, Crypto.com partnered with Standard Chartered Bank to offer fiat services in dollars, euros, and UAE dirhams.
Though Crypto.com is regulated in many countries, it faced a $3 million fine in the Netherlands for operating without a license for over two years. Despite this, its steady expansion continues, with applications pending in Hong Kong and other regions.
Fiat services: Traditional money services involving government-issued currencies, like the US dollar or Euro, rather than cryptocurrencies.
Regulatory sandbox: A framework that allows businesses to test products and services in a controlled environment under regulatory supervision.
