Crypto Exchange Mercado Bitcoin Receives Payment License in Brazil

Mercado Bitcoin, Brazil's largest cryptocurrency exchange and a part of 2TM Group, a Brazilian holding company managing a range of digital asset services and solutions, reportedly received a payment institution license from the country's central bank on last Friday, allowing it to operate as a payment institution under the status of an electronic money issuer.

With the new license, the Brazilian cryptocurrency exchange will enhance its fintech offerings under MB Pay, a digital account it operates. In addition, Mercado Bitcoin will offer digital banking services for Brazilian clients utilizing their owned crypto assets, including digital fixed-income investments, staking, and other financial transactions. Further, the exchange is preparing to release a a debit card with a crypto off-ramp offering.

Roberto Dagnoni, CEO of Mercado Bitcoin, stated: "The central bank's approval is an important step, as it allows us to continue with our business expansion plans to offer an even more complete experience to our customers."

Brazil is recognized as one of the largest global markets for the crypto industry, attracting many industry-leading cryptocurrency companies. Last month, Latam Gateway​, the payment provider for Binance in Brazil, was granted a license by the country's central bank to operate as a payment institution and electronic money issuer, which would help Binance to operate in Brazil. And Coinbase​, a U.S.-based crypto exchange, integrated the Brazilian government's payment system Pix last March, starting allowing crypto purchases with Brazilian reals.