Brazilian Payment License:
The organization is the country’s first cryptocurrency exchange for obtaining a license as a payments institution.
The cryptocurrency exchange announced Thursday that the Brazilian Central Bank had granted Crypto.com a Payment Institution License.
The firm can continue providing regulated fiat wallet services in the nation where the Crypto.com Visa card has been available since 2021.
Kris Marszalek Over It:
According to Crypto.com CEO Kris Marszalek, “Brazil and the wider Latin American market is an important territory in pursuing our vision of bitcoin in every wallet.” Marcos Jarne, general manager and head of legal for Latin America at Crypto.com, continued, “Regulators have also been playing a significant role in nurturing this. Latin America is a major driver in crypto adoption.
In November, the country’s central bank granted a Payments Institution License to CloudWalk, a Brazilian payments startup, making it the first cryptocurrency company to do so. Now, Crypto.com is the first cryptocurrency exchange to receive a license.
Conclusion:
The company is the first crypto exchange to become a licensed payments institution in a South American country.
