Regulated fintech in Bahrain allows crypto funds 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 Bank of Bahrain (CBB), has partnered with Binance Pay to allow crypto funds within the nation, EazyPay CEO and founder Nayef Tawfiq Al Alawi introduced on Wednesday.
The newly launched crypto fee possibility will likely be obtainable in additional than 5,000 point-of-sale (PoS) terminals and on-line fee gateways throughout Bahrain, the CEO mentioned.
Major native retailers and corporations, together with Lulu Hypermarket, Sharaf DG, Al Zain Jewelry and Jasmi’s, will have the ability 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 Financial Services is licensed and controlled by Bahrain’s central financial institution because the fifth PoS and on-line fee gateway acquirer and fee providers supplier.
“Special thanks go to the Central Bank of Bahrain, Binance and Eazy Financial Services,” he famous. Khalid Hamad Al Hamad, govt director of the banking supervision on the CBB, additionally congratulated Eazy on rolling out the brand new crypto fee service.
Binance CEO Changpeng Zhao famous that EazyPay’s crypto fee characteristic could be the “first regulated and accepted crypto funds service providing” within the Middle East and North Africa area. As beforehand reported, Binance obtained a number of regulatory approvals in Bahrain, together with a crypto service supplier license and the Category 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-Money Laundering requirements, reporting, safety and different guidelines for crypto-asset providers.
Bahrain has been actively experimenting with crypto and blockchain know-how since adopting crypto laws. In January 2022, The CBB accomplished a digital funds trial in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx. CoinMENA, a significant native crypto alternate regulated by the CBB, in June introduced plans to broaden its crypto buying and selling providers into Egypt.
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() 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 Bank of Bahrain (CBB), has partnered with Binance Pay to allow crypto funds within the nation, EazyPay CEO and founder Nayef Tawfiq Al Alawi introduced on…