Singapore-based crypto exchange Crypto.com has expanded its presence in the Middle East and North Africa (MENA) region after receiving a full payment service provider license from the Central Bank of Bahrain (CBB).
With this license, the platform's local subsidiary will be able to offer e-money and trust services, including the issuance of prepaid cards, in the Gulf Cooperation Council (GCC) states. This group includes the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Crypto.com is now one of the few authorized cryptocurrency exchanges in Bahrain.
Eric Anziani, COO of Crypto.com, has stated that Bahrain has been proactive in creating an innovation-friendly ecosystem for cryptocurrencies and fintech companies, and has established clear regulations that balance consumer protection with commercialization.