Crypto.com has obtained a Payment Institution License from the Central Bank of Brazil. This will allow them to offer regulated fiat wallet services to clients in the country. The company had added a booking page for a crypto exchange to its website a few months ago. As well as this, they have gained approval in multiple countries such as France, the United Kingdom, and South Korea.
The firm has also established a partnership with the city of Busan in South Korea to develop a public/private exchange for digital assets, although this may be at risk due to the recent collapse of FTX.
– Crypto GG (@Guilhermesp103) December 13, 2022
Commenting on the news, CryptoCEO.com Kris Marszalek said, “Brazil and the entire LATAM market is an essential area in our mission to see cryptocurrency in every wallet. We are incredibly proud to have been granted a license in the country.”
Cryptocurrency is mainly used for investing in Brazil, according to a Chainalysis report published in October. After legislation was passed in April making digital currencies a legal payment option, it is expected to become more widely adopted. Chainalysis suggested that around 5% of the Brazilian population, or 10 million people, are currently trading cryptocurrency, primarily on Mercado Bitcoin.
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At the same time, Brazil’s Securities Exchange Commission is calling for changes to the law that would give it more authority over the sector. After many years of deliberation, they eventually agreed to this in November.