Cryptocurrency exchange Crypto.com has received a Payment Institution License (EMI) from the Brazilian central bank.
Crypto exchange Crypto.com (CRO) has obtained an EMI license from the Central Bank of Brazil according to an announcement made by the company. The license will allow the exchange to continue offering regulated fiat wallet services to users in Brazil – one of the most active Latin American countries in the crypto space. The license also makes Crypto.com the first licensed cryptocurrency exchange in Brazil. Crypto.com has been present and active in the country since November 2021 when it first introduced its Visa card to customers to make purchases with local fiat and their digital assets.
Crypto.com CEO, Kris Marszalek, commented on obtaining the EMI license, saying:
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, allowing us to lead as a safe, secure and compliant platform. We look forward to continuing working with regulators and authorities throughout the region in advancing cryptocurrency and blockchain technology.
Marcos Jarne, General Manager and Head of Legal, LATAM of Crypto.com added:
Latin America is a major driver in crypto adoption and regulators have also been playing a key role to foster this. This is an exciting step in our journey in Brazil and LATAM, with much more to come.
Crypto.com’s announcement also details how far the exchange has come in terms of global regulatory approval recently:
In recent months, Crypto.com has received in-principle approval of its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), regulatory approval as a Digital Asset Service Provider by the Autorité des marchés financiers (AMF) in France, registration approval as a cryptoasset business from the UK Financial Conduct Authority (FCA), provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority (VARA), Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea, a pre-registration undertaking with the Ontario Securities Administration in Canada, among others.
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