HomeNewsRegulated fintech in Bahrain enables crypto payments with Binance

Regulated fintech in Bahrain enables crypto payments with Binance

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Cryptocurrency adoption continues rising within the Kingdom of Bahrain, with native companies enabling payments in crypto admire Bitcoin (BTC).

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

Regulated fintech in Bahrain enables crypto payments with Binance
PHOTO CREDIT: binance.com

The newly launched crypto charge possibility can be on hand in more than 5,000 point-of-sale (POS) terminals and online payment gateway across Bahrain, the CEO said.

Major native merchants and companies, including Lulu Hypermarket, Sharaf DG, Al Zain Jewelry, and Jasmi’s, will have the chance to simply bring collectively more than 70 cryptocurrencies as a charge by scanning the QR code from Eazy’s POS the use of the Binance App.

Al Alawi emphasized that ‎‏Eazy Monetary Services is licensed and controlled by Bahrain’s central financial institution because of the fifth POS and online charge gateway acquirer and charge companies and products provider.

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“Particular thanks spin to the Central Bank of Bahrain, Binance and Eazy Monetary Services,” he successfully known. Khalid Hamad Al Hamad, executive director of the banking supervision at the CBB, additionally congratulated Eazy on rolling out the recent crypto charge service.

Binance CEO Changpeng Zhao successfully-known that EazyPay’s crypto charge characteristic might be the “first regulated and authorized crypto payments service offering” within the Middle East and North Africa place. As beforehand reported, Binance bought several regulatory approvals in Bahrain, including a crypto service provider license and the Category 4 license.

The third-smallest country in Asia, Bahrain, has been actively adopting cryptocurrency over the last few years. In 2019, the CBB issued a framework for a fluctuation of crypto-related activities, officially setting up rules for licensing, governance, threat administration, Anti-Money Laundering standards, reporting, security, and other rules for crypto-asset companies and products.

Bahrain has been actively experimenting with crypto and blockchain technology since adopting crypto rules. In January 2022, The CBB performed a digital payments trial in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx. CoinMENA, a vital native crypto change regulated by the CBB, in June announced plans to enhance its crypto shopping and selling companies and products in Egypt.

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