March 29, 2024

The Central Bank of Brazil issued a license to work with electronic money to Crypto.com

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The Central Bank of Brazil issued a license to work with electronic money to Crypto.com

The Brazilian central bank issuedcryptocurrency exchange Crypto.com has a license to conduct transactions with electronic money (EMI), thanks to which the exchange will be able to offer its products and services to local residents.

CEO of Crypto.com Kris Marszalek said that obtaining the EMI license was an important step for the exchange to expand its presence in Brazil. Marsalek called Latin America an important region for the development of his trading platform, so Crypto.com management intends to cooperate with local regulators. This will accelerate the implementation of blockchain and cryptocurrencies on the South American continent, Marsalek is sure.

“Latin America can become the maindriving force for widespread adoption of cryptocurrencies. Regulators can help with this, so it is important to establish close contact with them,” Marcos Jarne, head of legal at Crypto.com in Latin America, also commented.

Let us remind you that this year the trading platformCrypto.com has been licensed as a Virtual Asset Service Provider (VASP) to operate in Italy, UK and South Korea. However, due to the prolonged crypto winter, the company had to suspend business expansion for several months and even lay off a significant number of employees.

Marszalek denied rumors that Crypto.com had liquidity problems due to the collapse of the FTX exchange. The head of Crypto.com assured that all client balances have the necessary collateral.