According to a recent announcement made by Crypto.com, the Central Bank of Brazil has issued a Payment Institution (EMI) license to the platform. However, this allows the platform to continue offering its regulated fiat wallet services to customers who reside in Brazil.
However, this marks a significant milestone for the venture as it strengthens its LATAM regulatory compliance. Crypto.com has been offering its services since November 2021. The platform now officially falls under the required regulations. Customers registered on the platform can purchase via fiat currencies or their crypto holdings.
Kris Marszalek, the Chief Executive Officer of Crypto.com, has called the Brazil and LATAM region significant in terms of expansion. The objective is to have cryptocurrency in every wallet. It can be achieved if Crypto.com functions under regulations. Receiving a Payment Institution (EMI) license helps Crypto.com advance the growth of blockchain technology and the adoption of cryptocurrency.
Brazil currently holds the 7th position in this year’s crypto index, according to a study done by Chainalysis. It can, therefore, be measured how long the mountain is and what it means for Crypto.com to receive the license.
Marcos Jarne, the General Manager & Head of the Legal department of LATAM at Crypto.com, has called the region a major driver in cryptocurrency adoption. Marcos credits the involvement of regulators playing a key role in making this happen. He concluded his statement by saying that much more will come in the future.
The development follows Crypto.com receiving regulatory approvals from the Monetary Authority of Singapore, the UK Financial Conduct Authority, and the Dubai Virtual Assets Regulatory Authority, among others.
Crypto.com was founded in 2016 with the sole vision of having cryptocurrency in every wallet. The platform is trusted by over 70 million customers who are spread across the world. The objective is to power the builders of the next generation, enabling them to develop a digital ecosystem that is fair and equitable.
The platform believes in the power of Web3, claiming that it will be more equitable and fair. Partners like UFC, Cognizant, Twitch Rivals, Angel City FC, and FIFA World Cup Qatar 2022 back Crypto.com. The crypto exchange platform is currently the leader in regulatory compliance, privacy certifications, and security. The team is led by Kris Marszalek, followed by Rafael Melo as the CFO, and Bobby Bao as the Head of Crypto.com Capital.
At the time of writing, Crypto.com is running a promotion where users can trade with a 0% trading fee during the holiday season. Available trading pairs include BTC/USD, ETH/USD, DOGE/USD, etc. Its mobile application gives more freedom to users in terms of trading their assets.