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Cryptocom, a Singapore-based cryptocurrency exchange, has received full approval from the Central Bank of Bahrain to provide payment service provider (PSP) services. This approval marks a significant regulatory milestone for the company as it expands its footprint in the region.
Cryptocom’s Growth in the Region
The full approval from Bahrain allows Cryptocom to regionally expand its electronic and fiat-based payment services. These services include the launch of internationally recognized prepaid cards. H.E. Noor bint Ali Alkhulaif, President of the Bahrain Economic Development Board, highlighted Cryptocom’s international presence and commitment to regulatory compliance.
“Cryptocom’s decision to invest in the Kingdom will further strengthen our vision of developing a digitally focused, resilient economy that supports innovation and progress.”
Alkhulaif noted that Bahrain has a regulated investment environment that supports ease of doing business. The country appears determined to create a world-class ecosystem that fosters the rapid growth of the blockchain, cryptocurrency, and fintech industries.
Official Statements and Assessments
Eric Anziani, President and COO of Cryptocom, acknowledged Bahrain’s achievements over the years. He expressed that the country’s commitment to building an innovation-friendly crypto and fintech ecosystem is evident.
“Bahrain strikes a good balance between consumer protection and facilitating business. Clear regulations provide an environment conducive to innovation.”
Cryptocom aims to become a leading hub for cryptocurrency services and fintech innovation in the Gulf region. The company considers this step crucial as it begins operations in one of the first Gulf Cooperation Council countries to issue crypto asset licenses.
In addition to its expansion in Bahrain, Cryptocom is also increasing its presence in regions such as Singapore, France, the United Kingdom, and the United States. Last month, it announced its partnership with UEFA Champions League, one of the world’s most prestigious football tournaments. Despite facing challenges during bearish markets following massive advertising investments, the exchange has maintained resilience.
The company has also expanded its global services, launching in the United Arab Emirates. Plans are in place to extend this service to other regions in the future.
Finally, Cryptocom introduced a new metal card in collaboration with the Telegram-based game Hamster Kombat. This strategic partnership aims to enhance payment flexibility for in-game activities and real-life transactions, as announced today by Hamster Kombat’s official account.
