Regulated fintech in Bahrain enables crypto payments with Binance

Home » Regulated fintech in Bahrain enables crypto payments with Binance

Cryptocurrency adoption continues rising within the Kingdom of Bahrain, with native firms enabling funds in crypto like Bitcoin (BTC).

EazyPay, an internet fee platform regulated by the Central Financial institution of Bahrain (CBB), has partnered with Binance Pay to allow crypto funds within the nation, EazyPay CEO and founder Nayef Tawfiq Al Alawi announced on Wednesday.

The newly launched crypto fee possibility will likely be out there in additional than 5,000 point-of-sale (POS) terminals and on-line fee gateway throughout Bahrain, the CEO stated.

Main native retailers and companies, together with Lulu Hypermarket, Sharaf DG, Al Zain Jewellery and Jasmi’s, will be capable to settle for greater than 70 cryptocurrencies as fee by scanning the QR code from Eazy’s POS utilizing Binance App.

Al Alawi emphasised that ‎‏Eazy Monetary Companies is licensed and controlled by Bahrain’s central financial institution because the fifth POS and on-line fee gateway acquirer and fee companies supplier.

“Particular thanks go to the Central Financial institution of Bahrain, Binance and Eazy Monetary Companies,” he famous. Khalid Hamad Al Hamad, government director of the banking supervision on the CBB, additionally congratulated Eazy on rolling out the brand new crypto fee service.

Binance CEO Changpeng Zhao noted that EazyPay’s crypto fee characteristic can be the “first regulated and accredited crypto funds service providing” within the Center East and North Africa area. As beforehand reported, Binance obtained a number of regulatory approvals in Bahrain, together with a crypto service provider license and the Class 4 license.

The third-smallest nation in Asia, Bahrain, has been actively adopting cryptocurrency over the previous few years. In 2019, the CBB issued a framework for a spread of crypto-related actions, formally establishing guidelines for licensing, governance, danger administration, Anti-Cash Laundering requirements, reporting, safety and different guidelines for crypto-asset companies.

Associated: OpenNode sets up BTC payment infrastructure in Bank of Bahrain regulatory sandbox

Bahrain has been actively experimenting with crypto and blockchain expertise since adopting crypto rules. In January 2022, The CBB completed a digital payments trial in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx. CoinMENA, a serious native crypto exchange regulated by the CBB, in June announced plans to develop its crypto buying and selling companies into Egypt.