Crypto.com receives license as a payment institution in Brazil. The company is the first crypto exchange to become a licensed payments institution in the South American country.
Crypto.com has received a Payment Institution License (EMI) from Banco Central do Brasil, the central bank of Brazil. According to an official press statement, the license will allow it to “continue offering regulated fiat wallet services for customers in Brazil.” Since the beginning of the year, Crypto.com has made a Visa card available in Brazil for bitcoin and fiat purchases.
“Brazil and the entire Latin America market is a significant region in the pursuit of our vision of cryptocurrency in every wallet,” Crypto.com CEO Kris Marszalek said in a statement. Marcos Jarne, general manager and head of legal for Latin America at Crypto.com, added that “Latin America is a major driver in crypto adoption and regulators have also been playing a key role to foster this.”
The country’s central bank granted a Payments Institution License to CloudWalk, a Brazilian payments startup, in November, making it the first cryptocurrency company to do so. Now, Crypto.com is the first cryptocurrency exchange to receive a license.
Crypto.com Expanding Its Services Globally
According to a Chainalysis analysis released in October, cryptocurrency is mostly utilized for investing in Brazil. After a legislation allowing its usage was passed in November, its use as a payment method is growing and is most likely to do so going forward. Brazil was ranked sixth in the world at the time by chainalysis. 10% of the population of Brazil trades cryptocurrencies, mostly on the Mercado Bitcoin platform there.
The Singapore-based cryptocurrency exchange recently added a proof-of- reserves page to its website. According to the release, it has recently acquired licenses in a number of nations, including France, the United Kingdom, and South Korea. In a number of additional jurisdictions, including Singapore, Dubai, and Ontario, it has received preliminary approval.
It also had an agreement with the city of Busan, South Korea, which was seeking to create a public-private digital asset exchange there. That agreement may be in jeopardy, however, after the collapse of FTX.