The Brazilian central bank, Banco Central do Brasil, has issued Crypto.com a Payment Institution License (EMI).
According to a statement on the company’s website, it may now “continue offering regulated fiat wallet services for customers in Brazil” owing to the licence.
Since last year, Brazilian customers of Crypto.com have had access to a Visa card that can be used for both bitcoin and traditional money transactions.
According to a survey by Chainalysis that came out in October, the primary use case for cryptocurrency in Brazil is as an investment option.
After a law was passed in November legitimising its usage as a payment system, its popularity as a means of exchange is growing. At that time, Chainalysis ranked Brazil seventh in the world.
Around 5% of Brazilians, or 10 million people, engage in cryptocurrency trading, most frequently on the Mercado Bitcoin exchange.
Crypto.com CEO Kris Marszalek said:
“Brazil and the entire LATAM market is a significant region in the pursuit of our vision of cryptocurrency in every wallet. We are incredibly proud to secure the license in Brazil.”
Crypto.com PoR Report
In response to the increased need for security and transparency, in the wake of the collapse of major cryptocurrency platform FTX, the Singapore-based exchange has added a proof-of-reserves page to its website.
As TheCoinRise reported in June, the Monetary Authority of Singapore (MAS) has given the platform in-principle approval for a Major Payment Institution License.
Interestingly, for Crypto.com, which boasts more than 50 million users throughout the world, Cyprus became a prominent marketplace in Europe in July of this year after it gained approval from regulatory authorities to operate in the region.
The Financial Conduct Authority (FCA) of the United Kingdom also granted Crypto.com permission to legally operate as a crypto-asset business in the country in August of this year.
The exchange was also granted by the relevant authorities in Italy, Greece, the Cayman Islands, and Canada.
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