The company is the first crypto exchange to become a licensed payments institution in the South American country.
Crypto.com has obtained a Payment Institution License from the Central Bank of Brazil, the crypto exchange said on Thursday.
The license allows the company to continue offering regulated fiat wallet services in the country, where the Crypto.com Visa card has been available since 2021.
“Brazil and the entire Latin America market is a significant region in the pursuit of our vision of cryptocurrency in every wallet,” Crypto.com CEO Kris Marszalek said in a statement. Marcos Jarne, general manager and head of legal for Latin America at Crypto.com, added that “Latin America is a major driver in crypto adoption and regulators have also been playing a key role to foster this.”
In November, Brazilian payments company CloudWalk was the first crypto firm to obtain a Payments Institution License by the country’s central bank. Crypto.com now becomes the first crypto exchange thus licensed.