Crypto com exchange receives a license from the central bank of Bahrain

What’s new? The Central Bank of Bahrain has granted Crypto com crypto exchange a payment service provider (PSP) license. This will allow the exchange, through its local company called FORIS GFS BH B.S.C. CLOSED, to provide an expanded range of payment services using fiat and e-money, as well as launch prepaid cards.

Press release

What else is known? According to Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board (EDB), the region offers clear regulation and a highly skilled talent pool, supporting the development of the fast-growing blockchain industry.

“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,” the official added.

Bahrain was one of the first countries in the Gulf to start issuing licenses to crypto companies. EDB, whose activities are focused on attracting investment, has been actively working with potential and existing crypto firm clients, providing industry assessment and strategic advice.

Crypto.com was authorized to serve retail investors in Dubai late last year. It provides services through the local company CRO DAX Middle East FZ.

In July, Crypto.com led the top exchanges in terms of trading volume growth in the spot and derivatives markets, with figures rising 59% and 56% over the month to $54,2 billion and $88,9 billion, respectively.

In August, it ranked second in terms of volume growth. The indicator for the spot market grew by 79% to reach $96,9 billion, and for the derivatives market — by 70% to $151,5 billion. At the same time, traffic decreased by 4% to 3,6 million users. The largest portion of Crypto.com’s audience was in the US (29%), India (7%), and the UK (5%).

Crypto.com has its own exchange token CRO, the asset is at the 44th position of the overall ranking of cryptocurrencies by market capitalization with a value of $2,3 billion and is trading at $0,08436, having added 3,3% over the day. Weekly growth was 3,5%, but the rate has fallen by 15% since the beginning of the year.