Crypto.com Obtains License as a Payment Institution in Brazil
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Crypto.com Received Proof-Of-Reserve License
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 proof-of-reserves 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 Busan, which intended to establish a public-private digital asset market there. However, given the demise of FTX, that arrangement may be at risk.
Significant Regions for Goal Establishment
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.
