Ripple Eyes Brazil VASP License as Institutional Adoption Grows

Ripple is significantly expanding its presence in Brazil, highlighted by its intention to apply for a Virtual Asset Service Provider (VASP) license from the Central Bank of Brazil (BCB), aligning with the country's updated virtual asset regulations. Ripple President Monica Long emphasized that Latin America, particularly Brazil, is a priority market due to its advanced financial ecosystem. Ripple Payments has already processed over $100 billion globally, and in Brazil, major institutions like Braza Bank and Nomad are utilizing its platform for cross-border payments and stablecoin issuance on the XRP Ledger (XRPL). Furthermore, Ripple is introducing its custody product to Brazil, offering bank-grade security. The company's stablecoin, RLUSD, is also gaining traction, with several Brazilian entities listing and supporting it. This move is part of Ripple's broader global regulatory pursuit, which also includes seeking an Australian Financial Services Licence (AFSL).

(Source：BeInCrypto)