Crypto exchange Crypto.com has secured a license to operate in Brazil. The crypto firm confirmed that the Central Bank of Brazil granted the Payment Institution License (EMI).
The license “will allow Crypto.com to continue offering regulated fiat wallet services for customers in Brazil.” Prior to now, the company’s Visa Card was approved in the South American country, which gives users access to make payments using fiat and crypto.
Crypto.com has amassed several such as the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the provisional approval of its Virtual Asset License from Dubai Virtual Assets Regulatory Authority (VARA), and the Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea.
Others include the regulatory approval as a Digital Asset Service Provider by the Autorité des marchés financiers (AMF) in France, registration approval as a crypto asset business from the UK Financial Conduct Authority (FCA), and a pre-registration undertaking with the Ontario Securities Administration in Canada, among others.
Crypto and the LATAM market
Speaking about the new license, the CEO of Crypto.com, Kris Marszalek, said that the LATAM (Latin American) market is a vital spot for the advancement of Crypto.com’s crypto services.
Expressing commitment, he said, “We look forward to continuing working with regulators and authorities throughout the region in advancing cryptocurrency and blockchain technology.”
Another official of the company Marcos Jarne, General Manager and Head of Legal, LATAM of Crypto.com. added that regulators in the region have helped to drive the adoption of crypto for Latinos, and “this is an exciting step in our journey in Brazil and LATAM, with much more to come.”
Crypto.com was launched in 2016 and has grown to serve more than 70 million users around the world. In a time when the crypto industry is having a challenge with building and managing trust due to the collapse of institutions like Celsius, LUNA, and FTX, the license is a plus to Crypto.com.
Read also;
We lost nothing on Luna but $10m on FTX – CEO of Crypto.com
Central Bank of Brazil set to Launch a CBDC in 2024
