July 24, 2024
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Blockchain News

Crypto.com Continues its Worldwide Registration Push with Brazilian EMI License

Since last year, the cryptocurrency exchange has offered a crypto/fiat Visa card in Brazil, and it is rapidly expanding on international markets.

Banco Central do Brasil, Brazil’s central bank, has granted Crypto.com a Payment Institution License (EMI). The license will allow it to “continue offering regulated fiat wallet services for customers in Brazil,” according to a statement on the company’s website. Since last year, Crypto.com has offered a Visa card in Brazil for cryptocurrency and fiat purchases.

The Singapore-based cryptocurrency exchange recently updated its website with a proof-of-reserves page. According to the announcement, it has received approvals in several countries in recent months, including France, the United Kingdom, and South Korea. It has provisional approvals in a number of other countries, including Singapore, Dubai, and Ontario.

It also had an agreement with the city of Busan, South Korea, to establish a public-private digital asset exchange. However, with the demise of FTX, that agreement may be jeopardized.

“Brazil and the entire LATAM market is a significant region in the pursuit of our vision of cryptocurrency in every wallet,” said Crypto.com CEO Kris Marszalek in the announcement. We are incredibly proud to secure the license in Brazil.”

According to a Chainalysis report published in October, cryptocurrency is primarily used for investment in Brazil. Its use as a payment method is growing and is expected to grow further following the passage of a law legalizing its use in November. Chainalysis ranked Brazil seventh in the world at the time. Approximately 10 million Brazilians, or 5% of the population, trade cryptocurrency, primarily on the local Mercado Bitcoin platform.