According to CoinDesk, Ripple has announced an expansion of its digital asset services in Brazil and plans to apply to the Central Bank of Brazil for a Virtual Asset Service Provider (VASP) license to integrate into the country’s cryptocurrency regulatory framework. Currently, several Brazilian institutions are already integrated with Ripple’s network: Banco Genial uses the network to process same-day U.S. dollar transfers; Braza Bank utilizes it for foreign exchange settlement and has issued a real-backed stablecoin on the XRP Ledger; and fintech company Nomad leverages the network to settle fund transfers between Brazil and the U.S. using stablecoins. Additionally, partners such as CRX and Justoken are using Ripple’s custody solutions to issue tokenized assets, including real-world assets like commodities.
Ripple Expands Digital Asset Operations in Brazil, Seeks VASP License
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Summary
Ripple is expanding its digital asset operations in Brazil and applying for a VASP license under the country’s digital asset regulations. The company is collaborating with local institutions to support compliance with VASP regulations. Banco Genial uses Ripple for same-day USD transfers, while Braza Bank utilizes the network for forex settlements and has issued a Real-backed stablecoin on the XRP Ledger. Fintech Nomad employs Ripple for cross-border stablecoin settlements between Brazil and the U.S. Partners such as CRX and Justoken are also using Ripple’s custodial tools to tokenize real-world assets.
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