In a significant milestone for cryptocurrency adoption in Latin America, Binance has secured its 21st global regulatory authorization from the Banco Central do Brasil, the central bank of Brazil. This approval marks a major breakthrough for crypto exchange Binance, which is now licensed as a broker-dealer in Brazil.
Binance’s Growing Presence in Latin America
With this latest approval, Binance has solidified its position as one of the leading cryptocurrency exchanges operating in Latin America. The company has been actively expanding its presence in the region, and this authorization from the Banco Central do Brasil is a testament to its commitment to compliance.
Brazil’s Progress on Crypto Regulation
Brazil is making significant strides in regulating the crypto industry. In an interview with Cointelegraph, Guilherme Nazar, head of Latin America for Binance, noted that "the [Brazilian] government has put forth a comprehensive proposal of rules for public consultation, and they invited both the industry and society to provide their suggestions."
This collaborative approach is expected to culminate in the publication of final regulations by mid-year, according to central bank officials. Nazar added: "The government’s efforts to create a clear regulatory framework for cryptocurrencies are crucial for the growth and development of the industry in Brazil."
Brazil Ranks Second in Crypto Adoption in Latin America
According to an October 9 Chainalysis report, Brazil ranks second in terms of crypto adoption in Latin America. The country has received over $90.3 billion worth of value through cryptocurrency in 2024. This is a significant milestone for the Brazilian economy and highlights the growing demand for digital assets.
LATAM Countries by Crypto Value Received
Here are the top LATAM countries by crypto value received:
| Country | Crypto Value Received (2024) |
| — | — |
| Brazil | $90.3 billion |
| Mexico | $14.2 billion |
| Venezuela | $5.6 billion |
| Argentina | $4.8 billion |
Four LATAM Countries Make Top 20 in Global Crypto Adoption
Latin America is home to four of the top 20 countries in terms of global crypto adoption, namely Brazil, Mexico, Venezuela, and Argentina. This highlights the region’s growing importance in the crypto ecosystem.
Brazil Leads the Way with Spot Solana ETF Approval
In a groundbreaking move, Brazil was the first country to approve a spot Solana (SOL) exchange-traded fund on August 7, 2024. This precedent-setting decision sets a new standard for other jurisdictions and demonstrates the country’s commitment to innovation.
Conclusion
Binance’s latest regulatory approval in Brazil is a significant milestone for crypto adoption in Latin America. The company’s growing presence in the region highlights its commitment to compliance and underscores the importance of regulation in driving industry growth.
As Brazil continues to make strides in crypto regulation, it sets an example for other countries to follow. With its collaborative approach to rule-making, the Brazilian government is creating a clear framework for cryptocurrencies, which will pave the way for further innovation and adoption.
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