Cryptocurrency exchange Crypto.com has received an EMI license in Brazil!



Cryptocurrency exchange Crypto.com has received an EMI license in Brazil!

Cryptocurrency exchange Crypto.com has received a Payment Institution License (EMI) from the Brazilian central bank Banco Central do Brasil. According to the announcement made on the official website of Crypto.com, EMI will allow the company to provide regulated fiat wallet services for its customers in Brazil. Crypto.com has offered a Visa card for its crypto or fiat currencies service in Brazil since last year.

Crypto.com stated in the announcement that it has received approvals in many additional countries in recent months, including France, the United Kingdom, and South Korea. However, the company also has provisional approvals in several cities and states, including Singapore, Dubai and Ontario. The Singapore-based crypto exchange recently published proof of reserve data on its website.

The company had an agreement with the city of Busan, South Korea. However, with the collapse in FTX, this agreement is thought to be in danger.

Crypto.com CEO Kris Marszalek also made the following statements about the license he received in Brazil:

“Brazil and the entire LATAM markets are key regions for us to reach all wallets. We are proud to have officially acquired EMI in Brazil.”

A report published by Chainalysis last October revealed that cryptos are used as investment vehicles especially in Brazil. At the same time, the usage areas of cryptos as a payment method in Brazil continue to expand. Chainalysis placed Brazil 7th in terms of crypto uses at the time. Almost 10 million Brazilian citizens, or 5 percent of the population, conduct crypto transactions on the Mercado Bitcoin platform.

On the other hand, the Brazilian Securities and Exchange Commission continues to push for regulatory changes in the country to further tighten the regulatory framework regarding cryptos. Brazil approved its regulatory framework for crypto last April, after several years of consideration.



Soruce : https://tr.cointelegraph.com/news/crypto-com-continues-its-worldwide-registration-push-with-brazilian-emi-license

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