The cryptocurrency exchange has offered a crypto/fiat Visa card in Brazil since last year and is expanding rapidly on international markets.
Crypto.com has received a Payment Institution License (EMI) from Banco Central do Brasil, the central bank of Brazil. The license will allow it to “continue offering regulated fiat wallet services for customers in Brazil,” according to an announcement on the company’s website. Crypto.com has offered a Visa card in Brazil for purchases in cryptocurrency or fiat since last year.
The Singapore-based cryptocurrency exchange recently added a proof-of-reserves page to its website. It has received approvals in several countries in recent months, including France, the United Kingdom and South Korea, the announcement states. It has provisional approvals in several more jurisdictions, including Singapore, Dubai and Ontario.
It also had an agreement with the city of Busan, South Korea, which was seeking to create a public-private digital asset exchange there. That agreement may be in jeopardy, however, after the collapse of FTX.
#FIFAWorldCup #crofam pic.twitter.com/yg38A4KI20
— GG Crypto (@Guilhermesp103) December 13, 2022
Crypto.com CEO Kris Marszalek said in the announcement:
“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.”
Crypto is mainly used for investment in Brazil, according to a Chainalysis report published in October. Its use as a payment method is expanding and is likely to increase after the passage of a law legalizing that use in November. Chainalysis placed Brazil seventh in its world rankings at that time. About 10 million Brazilians — 5% of the population — trade crypto, mainly on the local Mercado Bitcoin platform.
Related: FTX collapse won’t impact everyday use of crypto in Brazil: Transfero CEO
Meanwhile, the Brazilian Securities and Exchange Commission is pressing for legal changes to give it more regulatory scope. The country first approved legislation regulating cryptocurrency in April, after several years of consideration.