Crypto.com enters Bahrain market with payment service provider license
Crypto.com enters Bahrain market with payment service provider license
Crypto.com has received full approval from the Central Bank of Bahrain to provide Payment Service Provider (PSP) services through its subsidiary "FORIS GFS BH B.S.C. CLOSED." This marks a significant milestone for the company in the region. The PSP license enables Crypto.com to expand its offerings of e-money and fiat-based payment services across the Gulf, including the launch of its popular prepaid cards.
This move highlights Crypto.com’s ongoing commitment to regulatory compliance and its expansion into key markets, allowing the company to strengthen its presence in the rapidly growing cryptocurrency and fintech sectors in the Gulf Cooperation Council (GCC) countries. The approval also supports Bahrain’s ambitions to build a digital-first, innovation-driven economy.
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and head of Bahrain’s Economic Development Board (EDB), expressed excitement over Crypto.com’s decision to invest in Bahrain. She emphasized that the Kingdom’s "Team Bahrain" approach has fostered an investment-friendly environment, backed by streamlined regulations and a future-ready talent pool. "Bahrain is building a world-class ecosystem to support the evolution of blockchain, crypto, and fintech industries," Alkhulaif stated, adding that Bahrain’s resilient economy is well-positioned to advance its digital-first vision while embracing innovation and progress.
Eric Anziani, President and COO of Crypto.com, praised Bahrain's role in creating a crypto-friendly ecosystem. "Bahrain has been working to create a crypto and fintech ecosystem that supports innovation, with clear regulations balancing consumer protection and commercialisation," Anziani said. He commended Bahrain’s regulatory efforts and expressed optimism about Crypto.com’s role in driving cryptocurrency growth in the country and the broader GCC region.
Bahrain is at the forefront of digital asset regulation within the GCC, becoming one of the first countries in the region to issue crypto-asset licenses. This proactive approach has cemented Bahrain’s position as a leading hub for crypto services and fintech innovation, attracting companies like Crypto.com eager to expand their regional presence. The Bahrain EDB continues to work closely with industry players, offering strategic advisory services to encourage investment in the Kingdom.
This announcement marks another key milestone in Crypto.com’s global regulatory journey. The company continues to grow its ecosystem, now serving over 100 million users worldwide. In addition to Bahrain, Crypto.com recently secured a Virtual Asset Service Provider License from Dubai’s Virtual Assets Regulatory Authority (VARA) and launched its Crypto.com Exchange for institutional investors in April 2024. The company holds licenses in major markets including Singapore, France, Australia, the United States, and the United Kingdom.
Founded in 2016, Crypto.com is a leader in regulatory compliance, security, and privacy, with a mission to bring "Cryptocurrency in Every Wallet™" through continuous innovation.
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