- The license allows the company to offer services like e-money transactions and prepaid card issuance in the region.
- Bahrain has become a key hub for crypto and fintech companies in the Middle East, attracting major exchanges like Binance and BitOasis.
Crypto.com has become the latest major crypto exchange to receive a full payment service license from the Central Bank of Bahrain (CBB). Through this expansion, the company plans to expand its presence in the Gulf region, provide a range of services, from e-money transactions and issue prepaid cards across the Gulf Cooperation Council (GCC) states.
Bahrain has emerged as a key player in the Middle East’s crypto and fintech ecosystem, attracting attention from industry giants. In addition to Crypto.com, other major exchanges like Binance and BitOasis have secured licenses to operate in the country, with Binance receiving its license in March 2022 and BitOasis in 2023.
Crypto.com’s license allows it to offer a range of payment services, including e-money and fiat operations, enabling the exchange to integrate its services deeper into the GCC’s financial infrastructure, the company reported.
See Related: CryptoCom Removes Doge, Shiba Inu Among Others From Its Crypto Earn Program
Crypto.com’s Global Expansion Path
“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 commercialization,” Eric Anziani, the President and COO of Crypto.com, said. “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 Bahrain license marks another milestone in Crypto.com’s global expansion strategy. The platform has been steadily extending its footprint, recently receiving regulatory approval in several other regions, including Singapore, France, Australia, and the United Kingdom, Cointelegraph reported.
Most notably, Crypto.com secured a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) in November 2023, which allows it to operate across the UAE under an agreement established by VARA earlier in the year.
Crypto.com’s expansion is not without challenges. In July 2023, the exchange faced a $3 million fine from the Dutch Central Bank for operating without a proper license for over two years. Despite this, the platform successfully registered in the Netherlands and continues to expand its regulatory footprint globally.
