Crypto.Com Receives EMI License in Brazil Seeking Global Expansion

Crypto.Com is ranked 17th among 243 crypto exchanges by volume according to CoinMarketCap.
The crypto exchange is planning to expand its business globally.

One of the leading cryptocurrency exchanges in the world, Crypto.com, recently announced that it had received regulatory approval for its EMI license in Brazil.

According to the company, the crypto exchange has successfully secured a Payment Institution (EMI) license from the Central Bank of Brazil.

The license approval will authorize Crypto.com to resume offering regulated fiat wallet services for customers in Brazil.

Chief Executive Officer of Crypto.com, Kris Marszalek, stated that “Brazil and the entire LATAM market is a significant region in the pursuit of our vision of cryptocurrency in every wallet; we incredibly proud to secure the license in Brazil allowing us to lead as a safe, secure and compliant platform, we look ahead to continue working with regulators and authorities throughout the region in advancing cryptocurrency and blockchain technology.”

The General Manager and Head of Legal, LATAM region of Crypto.com, Marcos Jarne, also expressed his opinion noting that “Latin America is a major driver in crypto adoption and regulator have also been playing a key role to foster this, this is an exciting step in our journey in Brazil and LATAM with much more to come.”

Interestingly, Crypto.com is the only crypto exchange that has secured a Payment Institution license in Brazil. The most recent approval the exchange won other than Brazil was in France as a Digital Asset Service Provider under the supervision of AMF (Autorité des marchés financiers).

Also, in June, the crypto exchange got a license to operate in Singapore through the Monetary Authority of Singapore (MAS). In March, the exchange inaugurated an office in Dubai.

Marszalek stated that the company is committed to building long-lasting growth in these countries and will always be under regulations and that the company will be able to deliver a wide range/variety of products and services to its valued customers.

Crypto.com Revealed its PoR Report

On Dec 9, Crypto.com released Proof of Reserves audited results. The crypto exchange added that Mazars Group compared the assets held in on-chain addresses proven to be controlled by Crypto.com with customer balances through an auditor-overseen live query of a production database as of Dec 7.

Crypto.com mentioned that It is now easy for its existing users to verify that it has a 1:1 reserve of all customer crypto assets deposited on its platform, and users can confirm the assets in their account are responsibly backed and accessible.