The Central Bank of Bahrain has given EazyPay a green signal to conduct crypto payments and also launch Bitcoin in the region.
EazyPay is an online payment gateway platform. This was announced by the CEO of EazyPay, Nayef Alawi.
EazyPay has now partnered with Binance, which is a renowned crypto exchange along with a payment services provider.
This partnership will enable EazyPay to carry out more than 5,000 point-of-sale (POS) terminals and payment gateways in Bahrain, which will help accept Bitcoin.
Users who are willing to use Bitcoin as a payment method shall be provided with a QR code from EazyPay’s platform.
This QR code from EazyPay that users will receive has to be scanned with the Binance App. This will help with smooth and instant payments in the chosen currency.
Binance will also offer convenience for businesses such as payment merchant EazyPay and for those merchants who wish to use the platform in order to get quick fiat conversions for these merchants.
Local merchants and firms, which include Lulu Hypermarket, Sharf DG, Al Zain Jewelry, and Jasmi’s, shall accept over 70 crypto as payment options.
The payment has to go through by scanning the QR code from the EazyPay platform and then heading over to the Binance App.
Developments Within The Crypto Industry In Bahrain
The executive director of the banking supervision at CBB, Khalid Hamad, has congratulated EazyPay on receiving the approval from the bank. He noted,
Special thanks go to the Central Bank of Bahrain, Binance and Eazy Financial Services
Not just the executive director, the CEO of Binance celebrated that EazyPay would be the first regulated and approved crypto and Bitcoin payment services that are being offered in the Middle Eastern and North African Region, also referred to as the MENA region.
Al Alawi also mentioned that Eazy Financial Services is now licenced and also regulated by the Bahrain central bank.
This makes EazyPay the fifth point-of-sale (POS) and online payment gateway platform and also a payment service provider.
Binance Previously Received Various Regulatory Approvals In Bahrain
Binance previously received multiple regulatory approvals in Bahrain, which included a crypto service provider licence along with a Category 4 license.
Bahrain is the third smallest country in Asia, and it has been actively progressing towards adopting cryptocurrency in the last few years.
CBB even issued a framework in 2019 related to a range of crypto-related activities.
This has officially established rules related to licensing, governance, risk management, anti-money laundering standards, reporting, security, and even other rules regarding crypto-asset services.
Nadeem Ladki, Head of Business Development at Binance MENA, mentioned,
As a leader in its space, EazyPay’s decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and demonstrates the way forward when it comes to the payment industry as we transition into the Web3 economy.
Bitcoin was priced at $19,000 on the one-day chart | Source: BTCUSD on TradingView
Featured image UnSplash, chart from TradingView.com