Ripple announces the expansion of its digital asset business in Brazil and plans to apply for a virtual asset service provider license

Ripple announced the expansion of its digital asset services in Brazil and plans to apply for a Virtual Asset Service Provider (VASP) license from the Central Bank of Brazil to incorporate into the country's cryptocurrency regulatory framework.

Currently, several Brazilian institutions have connected to the Ripple network. Banco Genial processes same-day dollar transfers through this network; Braza Bank uses it for foreign exchange settlements and has issued a real-backed stablecoin on the XRP Ledger; fintech company Nomad utilizes the network for stablecoin settlements of fund flows between Brazil and the United States. Additionally, partners such as CRX and Justoken are issuing tokenized assets using Ripple's custody products, covering real-world assets like commodities.