Crypto.com Receives Payment Institution License from Brazil’s Central Bank
Crypto.com has officially secured a Payment Institution License (EMI) from Banco Central do Brasil, the central bank of Brazil, allowing the exchange to continue offering regulated fiat wallet services for its customers in the country. This update was announced on the firm’s website, emphasizing Crypto.com’s ambitions in Latin America.
Expansion in Brazil and LATAM
Having launched a Visa card enabling purchases in both cryptocurrency and fiat in Brazil since last year, the company is now well-positioned to bolster its services following this licensing achievement. Kris Marszalek, the CEO of Crypto.com, stated, “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.”
Increased Regulatory Approvals
This recent milestone adds to an expanding list of regulatory approvals that Crypto.com has obtained in several jurisdictions, including France, the United Kingdom, and South Korea. The exchange has also gained provisional approvals in locations like Singapore, Dubai, and Ontario.
Crypto.com has recently introduced a proof-of-reserves page on its website, aimed at enhancing trust among users amid the ongoing concerns about the financial health of cryptocurrency exchanges.
The Brazilian Crypto Landscape
According to a Chainalysis report from October, cryptocurrencies in Brazil are primarily used for investment purposes, although their application as a payment method is rapidly expanding following the enactment of a law legalizing such use in November. At the time, Brazil ranked seventh in Chainalysis’s world rankings, with about 10 million Brazilians — roughly 5% of the population — engaging in cryptocurrency trading, primarily on local platforms like Mercado Bitcoin.
Future Regulatory Developments
As the Brazilian Securities and Exchange Commission pushes for legal changes to broaden its regulatory scope, the country is focused on evolving its cryptocurrency legislation. Following the initial approval of regulation in April, officials continue to navigate the complexities of the growing crypto market.
The recent licensing by Crypto.com underlines the exchange’s dedication to compliance and expands the offerings available to Brazilian customers, reinforcing the country’s position in the cryptocurrency sector.
