Mercado Bitcoin created in 2013 and which claims 3.7 million customers has just obtained authorization from the Central Bank of Brazil, which acts as a regulator alongside the Brazilian Securities Commission (CVM), to operate as a payment institution, under the status of electronic money issuer.
Mercado Bitcoin anchors in Brazil
This green light will allow theexchange to offer services that combine the potential of crypto with traditional financial services.
Central bank approval is an important milestone as it allows us to continue with our business expansion plans to provide an even more comprehensive experience for our customers.
Roberto Dagnoni, CEO of Mercado Bitcoin, in Press release quoted in Coindesk
The stock exchange had anticipated this authorization by recently launching l’application MBpaya digital account facilitating access to a whole range of assets (crypto, NFT, fan Token…).
Just before her is the payment provider Latam Gateway, which helps foreign companies operate in Brazil by providing on-ramps to the Brazilian real, which has obtained a similar license. Since June 2022, he has been the partner of Binance, his only crypto client in Brazil, which very quickly sought to establish itself on a market of 214 million inhabitants which for years has been in the top 10 countries for adoption of Bitcoin and its juniors. His strategy: to open regional branches there and get his hands on native companies, such as the brokerage firm Simpaul Investimento. But he is not the only one. Coinbase has also laid its foundations there, notably by forging a partnership with Pix, the instant payment application managed by the Central Bank.
As a reminder, cryptos obtained the legal status of means of payment in Brazil last December. A significant step forward, especially for crypto companies obtaining payment institution approval. Indeed, shrouded in institutional legitimacy, they will be able to collaborate more easily with traditional financial bodies, likely opening the way to a more widespread adoption of bitcoin and others.
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