The organization is the country’s first cryptocurrency exchange to obtain a license as a payments institution.
The Brazilian Central Bank has granted Crypto.com a Payment Institution License, the cryptocurrency exchange announced on Thursday.
In the nation, where the Crypto.com Visa card has been available since 2021, the firm is now able to continue providing regulated fiat wallet services.
According to Crypto.com CEO Kris Marszalek, “Brazil and the wider Latin American market is an important territory in the pursuit of 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 to nurture this. Latin America is a major driver in crypto adoption.
The country’s central bank granted a Payments Institution License to CloudWalk, a Brazilian payments startup, in November, making it the first cryptocurrency company to do so. Now, Crypto.com is the first cryptocurrency exchange to receive a license.