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Crypto.com Granted Brazilian Payment Institution License

This Thursday, Crypto.com announced it secured a payment institution license in Brazil. This is the latest in a series of licenses acquired by the platform throughout the second half of 2022.

Crypto.com Secures License in Brazil

According to the announcement, the license granted by the Brazilian Central Bank will allow Crypto.com to continue offering fiat wallet services to customers in the country. Already in late 2021, the platform rolled out its Visa card to customers in Brazil. Crypto.com’s CEO Kris Marszalek stated that is particularly pleased about securing the license in the country as it, along with the entire continent of South America represents a significant region when it comes to the pursuit of the company’s vision:

Brazil and the entire LATAM market is a significant region in the pursuit of our vision of cryptocurrency in every wallet. We are incredibly proud to secure the license in Brazil, allowing us to lead as a safe, secure, and compliant platform. We look forward to  continuing working with regulators and authorities throughout the region in advancing cryptocurrency and blockchain technology.

In November 2022, Crypto.com was granted permission to issue its Visa cards in the city-state of Singapore. Additionally, the platform received approval from French regulators to start offering its service in the country in late September. Before France, Crypto.com successfully sought out licenses in the UK, South Korea, and Italy.

Is South America Becoming a Crypto Hub?

Perhaps one of the biggest reasons for Marszalek’s excitement over receiving a license in Brazil is the fact that both the country, and the continent have been at the forefront of crypto-friendly policy, and crypto adoption for some time. In Early November, Galaxy Digital announced its plans to launch a Bitcoin ETF in the country.

Before that, in early October, Binance stated that it is expanding its operations in Brazil by opening two new offices, one in Sao Paulo, and the second in Rio de Janeiro. Furthermore, the Buffett-backed Nubank reported in September it had attracted nearly 2 million users to its crypto service since it launched in May.

Elsewhere in South America, crypto adoption is also on the rise. In late August, Argentina’s wine-making Mendoza province started accepting tax payments in cryptocurrencies, and Ripio, one of the country’s major crypto exchanges, announced its expansion to the US in late November. El Salvador, famous for being the first country to make Bitcoin its legal tender, also isn’t losing its faith in cryptocurrencies despite the current “crypto winter” and recently stated on November 17th it would be buying one BTC every day.

This article originally appeared on The Tokenist

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