Crypto.com has been awarded a Payment Institution (EMI) license in Brazil
CryptoFácil – The international exchange operating in Brazil, Crypto.com, has announced that it has obtained a license from the Central Bank of Brazil to operate in the country as a payment institution.
The certificate allows Crypto.com to provide different types of services, but it cannot request a loan or overdraft. That is, although there are similar banking functions, EMI is not a bank.
According to Crypto.com, this license allows the company to continue providing trust wallet services. According to Chris Marsalek, CEO of Crypto.com, Brazil and the entire Latin American market are important regions for the company, which should expand its operations in the region.
“We are very proud of securing the license in Brazil, which allows us to lead as a safe and secure platform,” he said.
Meanwhile, Marcus Jarn, General Manager and Chief Legal Officer of Crypto.com, stated that Latin America is one of the main drivers of cryptocurrency adoption. According to him, regulators on the continent play a major role in promoting cryptocurrency adoption.
“This is an exciting step in our journey in Brazil and Latin America, and there is more to come,” he said.
Google (NASDAQ:) is also an IP in Brazil
Recently, Google Pay has also received authorization from the Central Bank (BC) to act as a payment institution (IP). But in the case of Google, the license was granted in the form of a Payment Transaction Initiator (ITP).
In a note, Google said the authorization “represents another step in a strategy to offer users more payment options through our platform in Brazil.”
In addition to Google and Crypto.com, in December BC it authorized two other ITPs to operate: Initiator and Beetellerpay. In addition, Swap has received approval from the regulator to operate as a payment institution (IP). In the case of the latter, in the form of an electronic money issuer and a postpaid instrument issuer.