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 by the company. The license allows 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 operating in the country since November 2021, when it first introduced its Visa card to customers to make purchases using local fiat and their digital assets.
Kris Marszalek, CEO of Crypto.com, commented on getting the EMI license saying:
Brazil and the entire LATAM market is an important region in pursuing our vision of cryptocurrency in every wallet. We are incredibly proud to have obtained the license in Brazil, allowing us to lead the way as a safe, secure and compliant platform. We look forward to continuing to work with regulators and authorities across the region to advance cryptocurrency and blockchain technology.
Marcos Jarne, General Manager and Head of Legal, LATAM of Crypto.com added:
Latin America is a major driver of cryptocurrency adoption and regulators also play a key role in promoting it. This is an exciting step in our Brazil and LATAM journey, with much more to come.
Crypto.com’s announcement also highlights just how far the exchange has come recently in terms of global regulatory approval:
In recent months, Crypto.com has received approval in principle for 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 crypto asset company 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 registration of Virtual Asset Service Provider in South Korea, a pre-registration company with, among others, the Ontario Securities Administration in Canada.
Disclaimer: This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.