The approval allows Crypto.com to provide regulated fiat wallet services to Brazilian clients. Credit: Pierre Borthiry – Peiobty on Unsplash.

The Central Bank of Brazil has given the go-ahead to crypto exchange Crypto.com to operate as a licensed payments entity in the country.

The payment institution licence (EMI) enables the firm to provide regulated fiat wallet services to Brazilian clients.

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Crypto.com has been offering a Visa card in Brazil since November last year, allowing clients to carry out shopping with local fiat and its crypto currencies.

This latest development comes shortly after Crypto.com secured in-principle approval for its major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).

The firm also obtained the clearance from the Autorité des marchés financiers (AMF) in France to function as a digital asset service provider as well as registration approval from the UK Financial Conduct Authority (FCA) for a cryptoasset business, among others.

In December 2020, Crypto.com received a licence to issue cards in Australia.

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Crypto.com CEO Kris Marszalek said: “Brazil and the entire LATAM market is a significant region in the pursuit of our vision of cryptocurrency in every wallet.

“We are incredibly proud to secure the licence in Brazil, allowing us to lead as a safe, secure and compliant platform.

“We look forward to continuing working with regulators and authorities throughout the region in advancing cryptocurrency and blockchain technology.”

A new study revealed that Brazil holds the seventh rank across the globe in crypto index this year.

Crypto.com general manager and head of legal in LATAM Marcos Jarne said: “Latin America is a major driver in crypto adoption and regulators 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.”