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Singapore-based cryptocurrency exchange Crypto.com continues to grow its presence in the MENA region with the receipt of a full payment service provider license from the Central Bank of Bahrain (CBB). The license will permit the cryptocurrency exchange’s local subsidiary to offer e-money and fiat services, including the issuance of prepaid cards, throughout the Gulf Cooperation Council&nbsp;(GCC) states.
The GCC encompasses the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.
<h2 id="bahrain-is-an-active-regulator">Bahrain is an active regulator</h2>
Crypto.com joins a small circle of crypto exchanges as entities licensed in Bahrain. Binance <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-awarded-bahrain-crypto-service-provider-license" rel="null" target="null" text="null" title="null">received a crypto-asset</a> service provider license in Bahrain in March 2022, while BitOasis <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coindcx-acquires-bitoasis-expands-mena" rel="null" target="null" text="null" title="null">received a category 2</a> license in Bahrain this year. Crypto.com chief operating officer Eric Anziani <a data-ct-non-breakable="null" href="https://crypto.com/company-news/cryptocom-receives-payment-service-provider-licence-from-central-bank-of-bahrain" rel="null" target="null" text="null" title="null">said</a>:
<blockquote>
 “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.”&nbsp;
</blockquote>
In addition, the CBB has licensed its local <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bahrain-crypto-exchange-gets-central-bank-license-in-middle-east-first" rel="null" target="null" text="null" title="null">Shariah-compliant Rain</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bahrain-central-bank-licenses-sharia-compliant-crypto-exchange" rel="null" target="null" text="null" title="null">CoinMENA exchanges</a>.
The CBB also has a regulatory sandbox that has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/opennode-sets-up-btc-payment-infrastructure-in-bank-of-bahrain-regulatory-sandbox" rel="null" target="null" text="null" title="null">attracted OpenNode</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/central-bank-of-bahrain-trials-jpmorgan-blockchain-and-token" rel="null" target="null" text="null" title="null">JPMorgan to its projects</a>.
<figure>
 <img alt="Crypto.com gains payment service license from Bahrain central bank" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019210c6-0020-71cb-98cb-705215f3e4a3">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/ericnode/status/1836716169845428367" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/ericnode/status/1836716169845428367">Eric Anziani</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/middle-east-regulatory-clarity-drives-crypto-industry-growth-binance-fze-head" rel="null" target="null" text="null" title="null">Middle East regulatory clarity drives crypto industry growth — Binance FZE head</a>
<h3 id="crypto-com-s-steady-expansion">Crypto.com’s steady expansion</h3>
Crypto.com <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cryptocom-granted-dubai-crypto-licence" rel="null" target="null" text="null" title="null">completed the process</a> of receiving a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) in November, having received a provisional license in June 2022. VARA-licensed virtual asset service providers are <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/uae-regulators-dubai-vasps-service-entire-country" rel="null" target="null" text="null" title="null">recognized throughout the UAE</a> under an agreement reached earlier this month.
In August, Crypto.com partnered with Standard Chartered Bank to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-com-standard-chartered-global-fiat-services" rel="null" target="null" text="null" title="null">provide fiat currency</a> services in United States dollars, euros and UAE dirhams in the UAE, thanks to support from VARA.
Crypto.com is regulated in Singapore, France, Australia, Ireland, Malta, the United Kingdom, the United States, Canada and South Korea, among other countries. Crypto.com applied for a license in Hong Kong in February but has yet to receive it. It appears to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-crypto-exchanges-license-scrutiny" rel="null" target="null" text="null" title="null">have deemed-to-be-licensed</a> status there.
The crypto exchange was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-com-registers-in-the-netherlands" rel="null" target="null" text="null" title="null">registered in the Netherlands</a> in July 2023, but not before <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dutch-central-bank-reveals-fined-crypto-com-registration-violations" rel="null" target="null" text="null" title="null">being fined around $3 million</a> by De Nederlandsche Bank for operating for over two years without a license.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/saudi-arabia-riyadh-crypto-city-guide/" rel="null" target="null" text="null" title="null">Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide</a>

Crypto.com gains payment service license from Bahrain central bank

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