Specifically, EazyPay, an online payment platform under the regulation of the Central Bank of Bahrain (CBB), has reportedly forged an alliance with Binance Pay to allow crypto payments locally, EazyPay CEO and founder Nayef Tawfiq Al Alawi disclosed.
The freshly released crypto payment solution will be introducced across over 5,000 point-of-sale (PoS) terminals and online payment gateways across Bahrain, per the CEO.
Top-tier local merchants and companies, including Lulu Hypermarket, Sharaf DG, Al Zain Jewelry and Jasmi’s, will have the possibility to accept over 70 cryptocurrencies as payment by scanning the QR code from Eazy’s PoS using Binance App.
Al Alawi reportedly highlighted that Eazy Financial Services is licensed and regulated by Bahrain’s central bank as the fifth PoS and online payment gateway acquirer and payment services provider.
“Special thanks go to the Central Bank of Bahrain, Binance and Eazy Financial Services,” he claimed. Khalid Hamad Al Hamad, executive director of the banking supervision at the CBB, also send congratulations to Eazy regarding the introduction of the new crypto payment service.
Binance CEO Changpeng Zhao noted that EazyPay’s crypto payment functionality would be the “first regulated and approved crypto payments service offering” in the Middle East and North Africa area.
As revealed earlier, Binance reportedly managed to snatch numerous regulatory greenlights in Bahrain, including a crypto service provider license and the Category 4 license.
The third-smallest nation in Asia, Bahrain, has been displaying an active stance towards crypto adoption throughout the past few years. In 2019, the CBB issued a framework for a suite of crypto-associated activities, officially establishing rules for licensing, governance, risk management, Anti-Money Laundering standards, reporting, security and other rules for crypto-asset services.