Registered crypto users in Brazil are increasing at a steady pace, despite the bear market rearing its ugly head.
According to the latest data, the South American country has had more than 1 million crypto accounts registered during the month of July alone, adding to its almost 35 million users, the Brazilian tax authority Receita Federal revealed .
The figure is one of the reasons why Binance, the global cryptocurrency exchange, has officially opened two new offices in the country.
The crypto exchange led by Changpeng “CZ” Zhao aims to expand its presence in South America, where several corporations have added digital asset trading services to their portfolios in recent months.
After announcing new locations in São Paulo and Rio de Janeiro on October 3, Binance has hired more than 150 people to work in both cities.
According to a Binance announcement, many of these workers would be dedicated to helping the exchange’s customers.
ENTRY: 🇧🇷 #Binance opens two offices in the Brazilian cities of Sao Paulo and Rio de Janeiro.
—Watcher.Guru (@WatcherGuru) October 3, 2022
Binance boosts Brazil’s crypto scene
Binance, the world’s largest crypto exchange by trading volume, has had Brazil in its sights for months.
Business executives have reportedly met with government officials, and in March, Binance signed a memorandum of understanding (MOU) to buy Simpaul Investimentos, a local stock brokerage.
Binance says Brazil is one of its top 10 global markets and its largest market in Latin America. The country ranks #7 in the latest Chainalysis Global Cryptocurrency Adoption Index.
In its statement, the cryptocurrency exchange stated that Binance operates “in full compliance with the Brazilian regulatory landscape.”
The company added that it believes “regulation is the only way for the digital asset industry to grow and reach the general public, allowing more people to enjoy the benefits of cryptocurrencies and blockchain.”
Brazil: A Booming Crypto Hub
According to Statista.com, São Paulo had the highest population of any Brazilian city in 2021, as well as the highest number of businesses using Bitcoin ATMs or in-store payment methods.
According to Open Source Information data, Sao Paulo has a relatively high number of such companies, especially compared to Rio de Janeiro, a city with about half the population of Sao Paulo but only 20 percent of the number of companies
Brazil is still waiting for comprehensive digital currency regulation, as pending legislation hangs in the lower house of the country’s legislature.
In the past year, several prominent digital banks have incorporated virtual asset trading services. These lenders include Mercado Libre, Nubank and BTG Pactual.
Meanwhile, as part of its global law enforcement training program, Binance also announced on Monday that it has signed a memorandum of understanding with the Financial Supervision Agency of Kazakhstan.
Crypto total market cap at $917 billion on the daily chart | Source: TradingView.com Featured image from KimKim, Chart: TradingView.com