Crypto.com Receives EMI License from Brazilian Authorities
- Crypto.com has been granted a Payment Institution License (EMI) from Banco Central do Brasil, the central bank of Brazil.
- The license will allow the exchange to “continue offering regulated fiat wallet services for customers in Brazil.”
- Crypto.com debuted its Visa Card last year in Brazil allows users to make purchases with local fiat and cryptos.
- Chainalysis ranked Brazil at the seventh position globally in this year’s crypto index.
The breakdown of multiple crypto platforms coupled with the implosion of FTX crypto exchange has made regulators around the world hesitant in granting crypto exchange licenses to operatin within their boundaries. Nevertheless, Banco Central do Brasil, the central bank of Brazil, has granted the 16th biggest crypto exchange in the world by spot volume, Crypto.com, a Payment Institution License (EMI).
Crypto.com made the announcement of receiving the EMI license from the central bank of Brazil, a country that has been rapidly making advancements in the crypto sector. According to the statement, the license will allow the exchange to “continue offering regulated fiat wallet services for customers in Brazil.”
With over 70 million users worldwide, Crypto.com debuted its Visa Card, which allows users of the card to make purchases with local fiat and their cryptos. The card has been in circulation since November last year, when the market capitalization of the crypto industry was at its peak and its popularity knew no bounds.
“Brazil and the entire LATAM market is a significant region in the pursuit of our vision of cryptocurrency in every wallet,” said Kris Marszalek, CEO of Crypto.com.
“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,” said Marszalek.
Interestingly, Brazil has become one of the fastest-growing crypto hubs owing to its promising regulatory environment and the popularity of NFTs and blockchain-based tokens in the country.
As per a report from Chainalysis, the largest country in both South America and Latin America is ranked at the seventh position globally in this year’s crypto index.
“Latin America is a major driver in crypto adoption and regulators have also been playing a key role to foster this” said Marcos Jarne, General Manager and Head of Legal, LATAM of Crypto.com. “This is an exciting step in our journey in Brazil and LATAM, with much more to come.”
Crypto.com’s Expansion in France
Interestingly, 2022 has been an eventful year for Crypto.com. The exchange received the green light from top French financial regulators to operate as a Digital Asset Service Provider (DASP) in the country. The Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) thoroughly checked the exchange’s AML policies before giving approval.
Following approval from French authorities, Crypto.com said that it has invested €150 million (around $145 million) in the region and will establish a headquarters in the capital city of Paris as well. It will also use some portion of the fund in marketing efforts in Europe, solidifying its position in the region.