KuCoin became the first cryptocurrency exchange to support BRL transfers using the state-backed PIX payment system developed by the Central Bank of Brazil. The recent partnership with the Brazilian payment gateway Capitual has allowed KuCoin to expand financial opportunities for its users across the rapidly-growing cryptocurrency market in Brazil.
The platform will provide its Brazilian users with the opportunity to make deposits and withdrawals in Brazilian Real (BRL) via the government-backed PIX payment system.
“As crypto going to the mainstream, fiat to crypto service remains the biggest barrier to onboard more adopters. We are proud to be the first exchange to comply with the new PIX regulations and support our Brazilian users to deposit and withdraw BRL normally. We will soon launch more features like fiat trading pairs to help South American investors trade crypto in an easy and compliant way,” said Johnny Lyu, CEO of KuCoin.
The Central Bank of Brazil has recently introduced deadlines regarding Know Your Customer (KYC) verification processes pertaining to local users. All cryptocurrency exchanges operating in Brazil and intending on processing BRL transactions are required to follow the new regulations stipulated in the policy. Failure to comply will result in the termination of the exchange’s operations with BRL transaction processing in Brazil.
The Into The Cryptoverse Report on Brazil released by the KuCoin exchange in recent weeks highlights both the prospects and size of the country’s cryptocurrency market. Statistics derived from surveys carried out as part of the report indicate that 62% of the country’s 34.5 million strong crypto investor audience aged 18 to 60 are determined to continue investing in digital assets, while 21% are intent on entering the industry.
The policy introduced by the Central Bank of Brazil is an important requirement to follow for all exchanges willing to continue their operations in the country, considering that roughly 26% of the population is already involved in the cryptocurrency market.
KuCoin has been making headway in its penetration efforts in Brazil since the beginning of 2022. The exchange is rapidly attracting new local users through airdrop events and bonus giveaways.
