Crypto.com Secures PSP License in Bahrain, Expands GCC Presence

Crypto.com, a cryptocurrency exchange, has received approval from the Central Bank of Bahrain to offer payment service provider (PSP) services in the country, reports PaySpace Magazine. The Singapore-based company continues its expansion in the Middle East and North Africa (MENA) and the Gulf Cooperation Council (GCC) regions with this newly acquired PSP license in Bahrain.

Operating through its subsidiary "FORIS GFS BH B.S.C. CLOSED," Crypto.com will offer local customers a range of services, including e-money, fiat-based payment solutions, and crypto-enabled prepaid cards. Bahrain stands as a leader in digital asset regulation within the GCC, being among the first nations to issue crypto-asset licenses. The country has also developed a regulatory sandbox, allowing crypto and fintech companies to trial their products in a controlled, overseen environment. Currently, crypto companies account for more than 15% of Bahrain’s regulatory sandbox participants.

“Bahrain has been actively creating a crypto- and fintech-friendly ecosystem, implementing clear regulations that balance consumer protection with commercial viability. We value the Kingdom's efforts and look forward to deepening our relationship as we contribute to the growth of the crypto industry in Bahrain and across the GCC," said Eric Anziani, President and COO of Crypto.com.

However, only a limited number of cryptocurrency providers have secured the necessary licenses so far, including Binance, BitOasis, and local Sharia-compliant exchanges Rain and CoinMENA. Crypto.com is gradually broadening its reach within the GCC, which includes the UAE, Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia. It was one of the first platforms to receive full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA), launching its institutional investor exchange in the UAE in April 2024. Later, it introduced global retail services through Standard Chartered’s tailored banking solutions via its regional hub in Dubai.

Additionally, Crypto.com holds licenses for specific services in several global markets, including Singapore, France, Australia, Ireland, Malta, the UK, the US, Canada, and South Korea. “We are thrilled that Crypto.com has chosen Bahrain as an investment destination, further enhancing our capacity to deliver on our vision of building a digital-first, resilient economy that celebrates innovation. This reflects Bahrain’s agile, business-friendly environment fostered by our 'Team Bahrain' approach, which promotes ease of investment and business operations,” said H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain's Economic Development Board.