[2023-06-02] Mercado Bitcoin, Brazil's Largest Crypto Exchange, Receives License

[newbbo]

Mercado Bitcoin, Brazil's Largest Crypto Exchange, Receives License as a Payment Institution

Mercado Bitcoin, Brazil's largest crypto exchange, was licensed as a payment institution by Brazil's central bank on Friday, Valor Economico newspaper reported. The company is now authorized to operate as a payment institution, under the status of an electronic money issuer. The company plans to offer financial services that combine the potential of crypto with traditional financial services.

"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," Roberto Dagnoni, CEO of Mercado Bitcoin, said in a statement.

https://www.coindesk.com/business/2023/06/02/mercado-bitcoin-brazils-largest-crypto-exchange-receives-license-as-a-payment-institution/

[Kakmakr]

I find it interesting that governments in first world countries are pushing against "change" in the financial system... but third world countries like Brazil are embracing it. Look at the SEC targeting Binance in the USA.... and trying to take it down. 

The only reason why they are doing this, is the potential threat that it is posing to their control. Third world countries wants to break free from the hold that are being put on their economies by first world countries with their strong reserve currencies. (Let's rather say... manipulated Fiat currencies) 

[Woodie]

I find it interesting that governments in first world countries are pushing against "change" in the financial system...

I suppose they are trying to protect themselves and avoid taking responsibility should anything happen..besides other governments don't mind taking the risk as they have nothing to lose and everything to gain for its citizens and opening their countries for potential crypto businesses.

Whatever their reasons, cryptocurrencies won't wait for anybody,  whoever sees the need to own some cryptocoins needs to do the needful!

[yhiaali3]

Good news of course, but if they cannot operate without the approval of the Central Bank of Brazil then that means they will remain in control.

In any case, this step is very good for more openness and the spread of Crypto around the world.

[Kryptowerk]

Getting officially licensed is, on the one hand, always a good step - it means there is some clarity in regards of legislation for crypto.
On the other hand I wish there was a way to make more people aware of DEX alternatives. Right now I think there is a lack of knowledge regarding the fact that there are independent solutions that don't need another centralized middleman.

That said, this license will provide at least some sort of security for customers having funds on mercado exchange. I'd still strongly advice against keeping any assets on any kind of exchange for longer than what's needed to make a trade.