Crypto.com has received a Payment Institution License 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.
The 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.
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 which is 5% of the population trade crypto, mainly on the local Mercado Bitcoin platform.
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.
