As a seasoned analyst with years of experience in the financial sector, I find the recent developments surrounding Crypto.com truly intriguing. The approval from the Central Bank of Bahrain to provide payment services is not just another regulatory milestone for the company, but a strategic move that underscores its commitment to expanding globally.
The Central Bank of Bahrain has granted Singapore-based cryptocurrency exchange, Crypto.com, full authorization to offer Payment Service Provider (PSP) services. This authorization comes through its subsidiary, FORIS GFS BH B.S.C. CLOSED, which is registered in the Kingdom of Bahrain. This approval further strengthens the company’s important regulatory achievements in the region.
Just a month ago, Crypto.com earned the title as the official partner for the UEFA Champions League, a globally esteemed football tournament, and now we’ve reached another significant milestone.
Beyond Bahrain: Crypto.com Is Expanding Its Presence Globally
Obtaining complete endorsement from Bahrain enables Crypto.com to broaden its lineup of e-money and traditional payment services across regions. This expansion includes the introduction of its globally recognized prepaid cards. H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and head of the Bahrain Economic Development Board, acknowledged Crypto.com’s established international presence and its reputation for adhering to regulatory standards.
She observed that investing in the Kingdom of Bahrain will enhance the country’s capacity to realize its goal of creating a digitally advanced, robust economy that values innovation and development. Already, the nation boasts an approach conducive to smooth investments, emphasizing simplicity in business operations.
Based on Alkhulaif’s statements, it’s clear that Bahrain aims to create an exceptional environment tailored for the advancement of the rapidly expanding blockchain, cryptocurrency, and fintech sector. Strong regulations and a wealth of talented professionals in financial services and technology sectors set Bahrain on a promising trajectory towards realizing this ambition.
Eric Anziani, President and COO of Crypto.com, acknowledged the significant strides made by Bahrain in the field of cryptocurrency and fintech. He was impressed by Bahrman’s commitment to creating an environment conducive to innovation in crypto and finance. Over the years, the country has consistently emphasized a crucial aspect: regulations that strike a balance between safeguarding consumers and promoting business growth.
As a savvy crypto investor based in the Gulf region, I’ve witnessed firsthand how Crypto.com has risen to become a dominant force in the realm of cryptocurrency services and fintech innovation. I take pride in being part of one of the pioneering nations within the Gulf Cooperation Council (GCC) that has granted crypto-asset licenses, signifying our forward-thinking approach towards this burgeoning industry.
crypto.com is steadily growing its influence by establishing itself in areas such as Singapore, France, the United Kingdom, and the United States.
Crypto.com Bags More Exciting Deals
Beyond the recent endorsement from Bahrain, Crypto.com has been making waves for various reasons over the past few weeks. Last month marked the global launch of its Retail Services, a significant milestone in extending its services to users globally. This service debuted in the UAE, with plans to expand to more regions in the future.
In a similar fashion, a cryptocurrency exchange based in Singapore has collaborated with Hamster Kombat, a game on Telegram, to launch a novel metal card. This strategic alliance aims to improve the versatility of payments, catering not only to in-game activities but also to real-world transactions. The collaboration will extend the availability of crypto payment cards to gamers and entrepreneurs across the globe.
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2024-09-19 18:03