November 30, 2022

FDI Forum

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Controlled fintech in Bahrain permits crypto payments with Binance

Cryptocurrency adoption carries on expanding in the Kingdom of Bahrain, with neighborhood businesses enabling payments in crypto like Bitcoin (BTC).

EazyPay, an online payment system controlled by the Central Lender of Bahrain (CBB), has partnered with Binance Spend to allow crypto payments in the state, EazyPay CEO and founder Nayef Tawfiq Al Alawi introduced on Wednesday.

The newly launched crypto payment choice will be out there in more than 5,000 level-of-sale (PoS) terminals and on-line payment gateways throughout Bahrain, the CEO mentioned.

Main local merchants and firms, like Lulu Hypermarket, Sharaf DG, Al Zain Jewellery and Jasmi’s, will be equipped to acknowledge extra than 70 cryptocurrencies as payment by scanning the QR code from Eazy’s PoS employing Binance App.

Al Alawi emphasized that ‎‏Eazy Fiscal Solutions is certified and regulated by Bahrain’s central bank as the fifth PoS and on the internet payment gateway acquirer and payment services supplier.

“Special thanks go to the Central Lender of Bahrain, Binance and Eazy Fiscal Solutions,” he mentioned. Khalid Hamad Al Hamad, executive director of the banking supervision at the CBB, also congratulated Eazy on rolling out the new crypto payment support.

Binance CEO Changpeng Zhao famous that EazyPay’s crypto payment feature would be the “first controlled and permitted crypto payments company offering” in the Center East and North Africa region. As beforehand noted, Binance received many regulatory approvals in Bahrain, like a crypto assistance company license and the Group 4 license.

The third-smallest place in Asia, Bahrain, has been actively adopting cryptocurrency in excess of the earlier couple years. In 2019, the CBB issued a framework for a array of crypto-linked pursuits, officially setting up rules for licensing, governance, chance management, Anti-Revenue Laundering expectations, reporting, stability and other guidelines for crypto-asset companies.

Related: OpenNode sets up BTC payment infrastructure in Financial institution of Bahrain regulatory sandbox

Bahrain has been actively experimenting with crypto and blockchain know-how given that adopting crypto polices. In January 2022, The CBB finished a electronic payments demo in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx. CoinMENA, a important community crypto trade regulated by the CBB, in June announced designs to broaden its crypto investing expert services into Egypt.