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Bahrain-based EazyPay enables crypto payments through Binance

Bahrain-based EazyPay enables crypto payments through Binance

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Cryptocurrencies have continued to gain popularity steadily around the world, despite the fact that cryptocurrency prices have been collapsing for nearly a year as part of the current bear market. The biggest example of this is recently from the Kingdom of Bahrain, where a local fintech company called EazyPay just got permission from the central bank to launch crypto payments.

EazyPay now offers crypto payments nationwide

According to an announcement published by the platform’s CEO and founder, Nayef Tawfiq Al Alawi, his online payment platform partnered with Binance Pay to enable crypto payments. As the platform is regulated by the CBB (Central Bank of Bahrain), the bank had to give the green light for this to happen.

The fact that it did shows that Bahrain is increasingly open to crypto adoption, with more than 5,000 POS terminals and online payment gateways now allowing the use of cryptocurrencies as a payment option. This includes all kinds of small and large local merchants, businesses and more, including well-known local names such as Al Zain Jewelry and Jasmi’s, Sharaf DG and others.

The bank has authorized the use of over 70 different digital assets, all of which can be used as a means of payment simply by scanning QR codes on Eazy’s POS terminals with the Binance app. The CEO of the company took the opportunity to publicly thank the central bank for the opportunity to offer crypto payments, but also Binance and Eazy Financial Services. In response, Khalid Hamad Al Hamad, Head of Banking Supervision at CBB, congratulated Eazy for launching the new service.

Binance’s own CEO Changpeng Zhao also took the opportunity to address this new development. CZ noted that the new feature will be the first ever regulated and approved crypto payment service in the Middle East and North Africa region. This is a huge achievement and a step in the right direction that will eventually lead to large-scale use of digital assets across the region.

Bahrain becomes the latest country to open its doors to crypto

Binance itself is already accepted in this part of the world and has received several regulatory approvals in the Kingdom of Bahrain, such as permission to offer crypto-related services and a Class 4 license.

Although Bahrain is one of the smallest countries in Asia, this move definitely puts it on the map. Despite making headlines for doing this, this is by no means the first time Bahrain has done something to introduce cryptocurrencies. In the past, its central bank issued a framework for numerous crypto activities and became a pioneer in regulating and licensing crypto when most other countries tried to ignore or block the phenomenon and its progress.

While the EU and US debated whether to ban or allow crypto, Bahrain has drawn up rules for governance, AML standards, licensing, risk management, security, reporting and many other aspects of industry governance. It has also spent the entire year of 2022 experimenting with crypto and preparing to transition and adopt digital coins, which it finally did just now.

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