Binance has received its 21st authorization from Brazil's central bank, Banco Central do Brasil, marking a major milestone in the adoption of cryptocurrencies in Latin America.
Binance, the world's largest #cryptocurrency exchange, has been approved as a licensed broker-dealer in Latin America's most populous country. It has been approved as a licensed broker-dealer in Brazil.
According to a statement from Cointelegraph, the approval allows #Binance to acquire the São Paulo-based investment platform Sim;paul.
The approval makes Binance the first #cryptocurrency exchange to receive a broker-dealer license in Brazil.
Binance's 24-hour trading volume exceeded $18.2 billion at the time of publication, according to Messari, which is
Binance's 21st regulatory approval, following licenses in Argentina, India, Kazakhstan and Indonesia.
According to Guilherme Nazar, Binance's head of Latin America, Brazil is taking important steps in regulating the crypto industry; he told Cointelegraph that the (Brazilian) government has submitted a comprehensive regulatory proposal for public consultation and is inviting input from both the industry and the general public.
According to the central bank, this collaborative approach should lead to the publication of final rules by mid-year.
According to an October 9 Chainalysis report, Brazil ranks second in Latin America in the use of cryptocurrencies and will generate more than $90.3 billion by 2024.
The top 20 countries in terms of cryptocurrency penetration in the world Four of these countries are in Latin America - Brazil, Mexico, Venezuela and Argentina.
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