With the Central Bank of Bahrain’s complete license, Crypto.com is now able to offer fiat and e-money services both inside the Kingdom and among the member states of the Gulf Cooperation Council (GCC). By enabling services in Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates, this step represents a substantial expansion for Crypto.com in the Middle East and North Africa (MENA) area.
Bahrain: A Center for Licensed Cryptocurrency Exchanges
With this new license, Crypto.com is now part of an exclusive group of exchanges that are regulated and based in Bahrain. Regulatory permission was granted to other sites in 2022, including as Binance, and BitOasis was granted a category-2 license earlier this year. Bahrain’s Central Bank has also authorized local exchanges, such as Rain and CoinMENA, underscoring the nation’s initiatives to promote a regulated cryptocurrency environment.
Bahrain’s pro-crypto environment is praised by the president of Crypto.com
The President and COO of Crypto.com, Eric Anziani, highlighted Bahrain’s dedication to establishing a legislative environment that promotes innovation in the cryptocurrency space while guaranteeing consumer protection. He said that Crypto.com would be able to provide more services in Bahrain and other GCC nations with the new license.
Bahrain’s Assistance for Fintech and Crypto Development
The decision by Crypto.com to invest in Bahrain was warmly received by H.E. Noor bint Ali Alkhulaif, the CEO of the Economic Development Board and Bahrain’s Minister of Sustainable Development. She emphasized the Kingdom’s attraction as a location for fintech investments while recognizing the company’s solid record for regulatory compliance.
The Global Expansion of Crypto.com Proceeds
Additionally, Crypto.com is expanding globally, especially in the MENA area. The business recently teamed up with Standard Chartered to provide fiat currency services in US dollars, euros, and UAE dirhams. Dubai’s Virtual Asset Regulatory Authority (VARA) gave the partnership full license. Many nations, including the US, UK, Ireland, France, Canada, and others, have granted licenses for the exchange. Along with other significant exchanges, it has also applied for licensure in Hong Kong and is awaiting approval.
