Crypto.com has secured a payment service provider (PSP) services license from the Central Bank of Bahrain through its subsidiary registered in the Kingdom of Bahrain.
Operating under the commercial name “FORIS GFS BH B.S.C. CLOSED”, Crypto.com’s Bahrain-regulated business is now authorized to expand its offerings of e-money and fiat-based payment services regionally, including the launch of prepaid cards.
Bahrain was among the first Gulf Cooperation Council (GCC) countries to issue crypto-asset licenses in the region as part of the Gulf island nation’s efforts to promote growth and investments.
Bahrain EDB, the country’s investment promotion agency, works closely with potential and existing clients providing key services that include industry assessments and strategic advisory, in line with its mandate of attracting investments into Bahrain.
For Crypto.com, the PSP license is an opportunity to actively grow and expand its ecosystem, which currently boasts more than 100 million users worldwide.
The crypto trading platform recently secured a Virtual Asset Service Provider (VASP) Licence from the Dubai Virtual Assets Regulatory Authority (VARA). Cypto.com also holds licenses for specific services in key markets around the world, including Singapore, France, Australia, Ireland, Malta, the United Kingdom, the United States, Canada, and South Korea.
“Growing the crypto industry in Bahrain and across the GCC”
Eric Anziani, President and COO of Crypto.com, said: “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 commercialisation. 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.”
Noor bint Ali Alkhulaif, Minister of Sustainable Development and CEO of Bahrain Economic Development Board, commented: “With its extensive international presence and an earned reputation for regulatory compliance, we are delighted that Crypto.com has chosen the Kingdom of Bahrain as a destination for investment, which will further bolster Bahrain’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress. Backed by the agility of our Team Bahrain approach, which fosters a streamlined investment environment that champions ease of doing business, Bahrain is successfully building a world-class ecosystem to support the evolution of the fast-growing blockchain, crypto and fintech industry. This is further supported by robust regulations and a diverse, highly skilled, and future-ready talent pool, particularly within the financial services and technology sectors.”
Crypto.com secured Ireland’s VASP license
Crypto.com recently received approval as a Virtual Asset Service Provider (VASP) from the Central Bank of Ireland, enabling it to further its offering in Ireland, including crypto-to-fiat exchanges and fiat wallets. The VASP license assures that Crypto.com’s compliance procedures are top-tier, including when it comes to anti-money laundering and combating the financing of terrorism (AML/CFT). These issues are very relevant today as cryptocurrencies have become a popular way to circumvent laws and sanctions. Crypto.com caters to a global client base of 100 million customers.
Crypto.com is a multi-regulated crypto trading platform boasting regulatory authorizations in several jurisdictions, including:
- Major Payment Institution (MPI) license for Digital Payment Token (DPT) and its MPI for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore;
- registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France;
- full operational approval of its Virtual Asset Service Provider Licence from the Dubai Virtual Assets Regulatory Authority (VARA);
- authorization as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA);
- Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea;
- registration approval as a Digital Currency Exchange Provider and Independent Remittance Dealer in Australia by AUSTRAC; an Australian Financial Services Licence and Australian Credit Licence from the Australian Securities and Investments Commission (ASIC);
- registration in Spain as a Virtual Asset Service Provider (VASP) from the Bank of Spain; registration in Italy from the Organismo Agenti e Mediatori (OAM);
- registration in Greece from the Hellenic Capital Market Commission; registration in Cyprus from the Securities and Exchange Commission;
- regulatory approval from the Cayman Islands Monetary Authority;
- a US Commodity Futures Trading Commission (CFTC) regulated Derivatives Clearing Organization (DCO) and a Designated Contracts Market (DCM);
- and a pre-registration undertaking with the Ontario Securities Commission and Canada Securities Administrators.
