Singapore-based cryptocurrency exchange Crypto.com continues its rapid expansion in the Middle East and North Africa (MENA) region, receiving a full payment service provider license from the Central Bank of Bahrain (CBB). This license allows Crypto.com’s local subsidiary to offer e-money and fiat services, including issuing prepaid cards, across Gulf Cooperation Council (GCC) countries.
Expanding Services Across the GCC
With the new license, Crypto.com can operate within the six GCC states: the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia. This move is part of Crypto.com’s strategy to enhance its presence in the region, following its earlier regulatory approval in Dubai.
Bahrain: A Growing Hub for Crypto Regulation
Bahrain has become an increasingly important player in the cryptocurrency space, attracting major exchanges with its forward-thinking regulatory environment. In 2022, Binance received a crypto-asset service provider license from Bahrain, and BitOasis was granted a category 2 license this year. The CBB has also licensed Shariah-compliant exchanges such as Rain and CoinMENA, further solidifying Bahrain’s role as a crypto-friendly jurisdiction.
Eric Anziani, Crypto.com’s Chief Operating Officer, praised Bahrain’s regulatory environment, saying:
“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.”
Additionally, the CBB operates a regulatory sandbox that has attracted projects like OpenNode and JPMorgan, aiming to foster innovation in the fintech and crypto sectors.
Crypto.com’s Steady Global Expansion
Crypto.com’s success in Bahrain follows its recent approval by Dubai’s Virtual Assets Regulatory Authority (VARA), where it received a full virtual asset service provider license in November 2023. With VARA’s licensing framework, Crypto.com is now recognized throughout the UAE, which aligns with its goal of providing extensive services in the region.
In August, Crypto.com partnered with Standard Chartered Bank to enhance fiat currency services in United States dollars, euros, and UAE dirhams within the UAE, bolstering its capabilities in the region.
Beyond the Middle East, Crypto.com is regulated in several key global markets, including Singapore, France, Australia, Ireland, Malta, the United Kingdom, the United States, Canada, and South Korea. The exchange continues its expansion efforts, with an ongoing license application in Hong Kong and its recent registration in the Netherlands, despite facing a $3 million fine for operating without a license there for over two years.
