Home CryptocurrencyAltcoin Regulated fintech in Bahrain enables crypto payments with Binance

Regulated fintech in Bahrain enables crypto payments with Binance

by SuperiorInvest

Cryptocurrency adoption continues to grow in the Kingdom of Bahrain, with local companies enabling payments in cryptocurrencies such as Bitcoin (BTC).

EazyPay, an online payment platform regulated by the Central Bank of Bahrain (CBB), has partnered with Binance Pay to enable crypto payments in the country, EazyPay CEO and Founder Nayef Tawfiq Al Alawi he announced on Wednesday.

The newly launched cryptocurrency payment option will be available at more than 5,000 point-of-sale (POS) terminals and online payment gateways across Bahrain, the CEO said.

Major local merchants and businesses, including Lulu Hypermarket, Sharaf DG, Al Zain Jewelry and Jasmi’s, will be able to accept more than 70 cryptocurrencies as payment by scanning the QR code from the Eazy POS using the Binance app.

Al Alawi emphasized that Eazy Financial Services is licensed and regulated by the Central Bank of Bahrain as a fifth acquirer and provider of POS and online payment gateway services.

“Special thanks to the Central Bank of Bahrain, Binance and Eazy Financial Services,” he noted. Khalid Hamad Al Hamad, Executive Director of Banking Supervision at CBB congratulated Easy implementation of a new crypto payment service.

Binance CEO Changpeng Zhao he remarked that EazyPay’s crypto payment feature will be “the first regulated and approved crypto payment service offering” in the MENA region. As previously reported, Binance has received several regulatory approvals in Bahrain, including a crypto service provider license and category 4 licence.

The third smallest country in Asia, Bahrain has been actively adopting cryptocurrencies for the past few years. In 2019 CBB released framework for a range of cryptocurrency-related activities that officially establishes rules for licensing, governance, risk management, anti-money laundering standards, reporting, security and other rules for crypto-asset services.

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

Bahrain has been actively experimenting with crypto and blockchain technology since adopting crypto regulation. In January 2022 The CBB completes digital payments trial in partnership with JPMorgan’s blockchain and cryptocurrency unit Onyx. CoinMENA, the main local CBB regulated crypto exchangein June he announced plans to expand its cryptocurrency trading services to Egypt.

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