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 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.
Mercado Bitcoin already operates MB Pay, a digital account through which more than four million users can buy cryptocurrencies and invest in digital fixed income and different asset classes.
Dagnoni added that the exchange plans to offer financial services that combine the potential of crypto with traditional financial services, including a crypto payments card planned for the coming months.