Crypto.com has secured full approval from the Central Bank of Bahrain to operate as a payment service provider (PSP) through its local subsidiary.
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.
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.”
Supportive environment
Eric Anziani, president and COO of Crypto.com, also acknowledged Bahrain’s efforts in fostering a supportive environment for fintech and crypto. “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.”
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.
