Cryptocurrency adoption continues to grow in the Kingdom of Bahrain, with local businesses allowing 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 announced on Wednesday.

The newly launched crypto 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 the fifth largest payment service provider and acquirer of POS and online payment gateway.

“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, also congratulated Eazy for implementing the new crypto payments service.

Binance CEO Changpeng Zhao indicated that EazyPay’s crypto payments feature would be the “first regulated and approved crypto payments service offering” in the Middle East and North Africa region. As previously reported, Binance has received several regulatory approvals in Bahrain, including a Crypto Service Provider license and Category 4 license.

The third smallest country in Asia, Bahrain, has been actively adopting cryptocurrencies in recent years. In 2019, the CBB issued a framework for a variety of cryptocurrency-related activities, officially establishing 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 Bank of Bahrain’s regulatory sandbox

Bahrain has been actively experimenting with crypto and blockchain technology ever since it adopted crypto regulations. In January 2022, the CBB completed a trial of digital payments in collaboration with Onyx, JPMorgan’s blockchain and cryptocurrency unit. CoinMENA, a major CBB-regulated local cryptocurrency exchange, announced in June plans to expand its cryptocurrency trading services to Egypt.





This post Regulated Fintech in Bahrain Allows Crypto Payments with Binance

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