The Brazilian central bank, Banco Central do Brasil, has <a href="https://crypto.com/company-news/crypto-com-secures-payment-institution-emi-license-in-brazil?utm_source=twtr&amp;utm_medium=social&amp;utm_campaign=dec15_brazil_twtr" target="_blank" rel="nofollow noopener">granted</a> <a href="https://www.cryptoknowmics.com/news/crypto-com-unveils-proof-of-reserves-data-giving-full-client-asset-back">Crypto.com</a> a Payment Institution License (EMI). According to a statement on the business's website, the license would enable it to keep providing regulated <a href="https://www.cryptoknowmics.com/news/bybit-offers-new-kyc-rules-for-p2p-trading-fiat-deposits-and-nft-trades">fiat</a> wallet services for consumers in Brazil.  Since last year, Crypto.com has provided customers in Brazil with a <a href="https://www.cryptoknowmics.com/news/blockchain-com-introduces-visa-debit-card-for-u-s-users">Visa card</a> that can be used to make <a href="https://www.cryptoknowmics.com/news/australia-prepares-to-regulate-cryptocurrency-service-providers-in-2023">cryptocurrency</a> or fiat transactions.

https://twitter.com/cryptocom/status/1603404993280753665
<h2>Crypto.com Received Proof-Of-Reserve License</h2>
It's worth noting that Crypto.com has been making inroads into a lot of countries apart from Brazil. Recently, the website of the Singapore-based cryptocurrency exchange received a <a href="https://www.cryptoknowmics.com/news/binance-releases-proof-of-reserves-por-system-for-holdings-of-bitcoin">proof-of-reserves</a> page. According to the release, it has newly acquired licenses in a number of nations, including France, the United Kingdom, and South Korea. In numerous additional countries, including Singapore, Dubai, and Ontario, it has received preliminary authorization.

Additionally, it had a contract with the South Korean city of <a href="https://www.cryptoknowmics.com/news/city-of-busan-signs-agreement-with-huobi-for-blockchain-industry-growth">Busan</a>, which intended to establish a public-private <a href="https://www.cryptoknowmics.com/news/forum3-raises-10m-to-bring-digital-assets-to-brands-loyalty-programs">digital asset</a> market there. However, given the demise of <a href="https://www.cryptoknowmics.com/news/sam-bankman-fried-accused-by-us-sec-of-scamming-ftx-investors">FTX</a>, that arrangement may be at risk.
<h2>Significant Regions for Goal Establishment</h2>
In the release, Crypto.com CEO Kris Marszalek stated that Brazil and the whole LATAM market are significant regions in the achievement of the goal of having cryptocurrency in every wallet.

According to a Chainalysis report released in October, cryptocurrency is utilized chiefly for investing in Brazil. After the legislation was passed in November authorizing its usage as a payment method, its use as a mechanism of exchange is growing and will increase. Brazil ranked sixth in the world at the time, according to Chainalysis. Five percent of the country's citizens, or about 10 million people, trade cryptocurrencies, mostly on the Mercado Bitcoin platform in their country.

Crypto.com Obtains License as a Payment Institution in Brazil

The Brazilian central bank granted Crypto.com a Payment Institution License (EMI) to keep providing regulated fiat wallet services for consumers in Brazil.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Crypto.com Obtains License as a Payment Institution in Brazil

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