Crypto.com becomes the first crypto exchange to receive a Payment Institution license in Brazil

Crypto.com, in the last few months, has also received licenses in many other countries, including Singapore and France.
Crypto.com recently released its Proof of Reserves, confirming a 1:1 reserve of its customer assets.
CRO price is losing ground and could end up registering a 7% crash if bearish cues persist.

Crypto.com is pushing its presence in the world by obtaining regulatory approvals and licenses from authorities. The exchange's success in being able to do so despite the recent FTX debacle speaks volumes about its credibility. However, the impact on Crypto.com price is yet to be known.

Crypto.com in Brazil

While Crypto.com has been operating its Visa Card services in Brazil since November 2021, the crypto exchange recently received the authorities' approval to become a licensed payment institution as well. Crypto.com, in an announcement on Thursday, confirmed that it had secured a Payment Institution License (EMI) from the Central Bank of Brazil.

This will allow Crypto.com to continue offering regulated fiat wallet services for customers in the country. Commenting on the same, the CEO of Crypto.com, Kris Marszalek, stated,

"Brazil and the entire LATAM market is a significant region in the pursuit of our vision of cryptocurrency in every wallet…We look forward to continuing working with regulators and authorities throughout the region in advancing cryptocurrency and blockchain technology."

This was echoed in the outlook of the General Manager of Crypto.com LATAM, who said that the Latin American region is a major driver in crypto adoption.

Crypto.com added Brazil to its list of countries it has received blessing to operate in over the last few months. The exchange also gained approvals from relevant authorities in Singapore, France, the UK, Dubai, South Korea and Canada for various services.

The exchange has also maintained its users' confidence during the FTX collapse-induced fear in the crypto market. Publishing its Proof of Reserves earlier this month, Crypto.com reassured that the customer funds for multiple assets are reserved 1:1, with USDT holding the highest reserve ratio of 106%.

Crypto.com price on a downfall

Despite an improvement in market conditions, Crypto.com price failed to note any positive momentum as the token traded at $0.0607. Nearing its immediate support level at $0.0604, CRO might end up observing a 7% crash if the decline continues.

The Parabolic Stop and Reverse (SAR) is also highlighting an active downtrend with the presence of the indicator above the candlesticks. The indicator is used to gauge the direction of the trend based on the positioning of its dots.

Thus if the Crypto.com price observes no buying pressure, it could lose the support at $0.0604 and tag $0.0591. Should the cryptocurrency fall below this critical support, CRO price would end up tagging the lows of $0.0564.

CRO/USD 4-hour chart

However, if the tides change and Crypto.com price rallies, a retest of the $0.0631 resistance level is likely. Further bullish pressure could push CRO toward $0.0655.A daily candlestick close above the level would invalidate the bearish thesis, setting the altcoin up for a rally to $0.0676.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.