Brazil’s Central Bank Grants Payment Institution License to Crypto.com

• CEO Kris Marszalek recently said that Crypto.com is “incredibly proud.”
• A number of additional countries provided licenses to the trading platform in 2022.

Crypto.com, a cryptocurrency trading platform, has been granted a Payment Institution License (EMI) by Brazil’s Central Bank. The approval means the company may keep providing its services and goods related to digital assets to citizens of the South American nation.

CEO Kris Marszalek recently said that Crypto.com is “incredibly proud” to have received an EMI license from Banco do Brasil. Approval means it may start serving customers, elevating Brazil and the rest of the LATAM market to the status of strategic locales.

Ending the Year on a Significant Development

As a result of its expanded visibility, Crypto.com hopes to contribute to blockchain technology’s development. Chainalysis placed Brazil, the biggest nation in South America, at number seven on its Global Crypto Adoption Index because of the growing interest in cryptocurrency among its citizens.

A number of additional countries provided licenses to the trading platform in 2022, including Italy, Cyprus, the United Kingdom, and France. The year 2021 was a banner year for Crypto.com, as the company signed many lucrative contracts and expanded its staff. Its relationship with the Los Angeles Lakers, one of the most storied franchises in NBA history, resulted in the arena being rechristened as the Crypto.com Arena.

However, the lengthy bear market in 2022 put an end to the company’s development, and many workers were let go as a result. During the drama surrounding FTX, it was said that the exchange was experiencing liquidity problems. Marszalek dismissed the worries, claiming the platform had solid financials.

The exchange now offers Proof of Reserves (PoR) for nine different cryptocurrencies, following Binance’s lead. According to the results of the audit, client funds are more than 100% secure.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of TheCryptoArea. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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