One of the biggest international CEX platforms Crypto.com will be operating in Brazil in accordance with local regulations. The exchange received a Payment Institution License (EMI) issued by the main regulator of financial markets in the country Banco Central do Brasil. The license allows the company to offer custodial wallet services to local citizens.
The exchange announced acquiring the license on its website. It is the second big push of the platform to expand its presence in South America. Recently, it also started offering Visa cards for crypto holders in Brazil.
Crypto.com is proving its licensing agenda
Representatives of the CEX platform have been vocal about their intention to receive licenses and other permits to operate legally in all countries where they have clients.
The company acquired its home license in Singapore first and started seeking approval from regulatory bodies in other countries, moving to such jurisdictions as South Korea, France, the UK, Dubai, and Ontario.
The company is leading the market in terms of the number of licenses acquired and contributes significantly to the overall count of licenses issued to crypto companies.
Also read:Huobi Research reported that various entities in the industry received 100 licenses collectively by December 2022. Now, we can add another one to the list.
Currently, Crypto.com is seeking approvals to conduct business in Pusan and multiple other economic hubs across the globe. A spokesperson of the exchange said that some of their efforts to acquire licenses may be in jeopardy due to the ripple effect in the global crypto industry from the FTX collapse. Nevertheless, the process of legalizing activities is going well for the CEX platform.
It is not the same for other exchanges
We believe that the effort to acquire licenses is a good thing, and more companies should start working in this direction. However, KuCoin, Binance, and Coinbase, the big three of CEX platforms, all have very strong stances on regulation and do not want to abide by strict limitations that governments want to impose on them.
Soon enough, the industry will see which approach is better for the long-term health of cryptocurrencies and web3.
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