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In December 2022, Brazil established a licensing regime for virtual asset service providers with the aim of legalizing crypto as a payment method. Previously regulated, according to a 2014 statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks. [53]
Crypto.com. Crypto.com is a cryptocurrency exchange company based in Singapore that offers various financial services, including an app, exchange, and noncustodial DeFi wallet, NFT marketplace, and direct payment service in cryptocurrency. As of June 2023, the company reportedly had 80 million customers and 4,000 employees. [ 2]
Crypto-Asset Reporting Framework. The Crypto-Asset Reporting Framework (commonly referred to as CARF) is a global initiative led by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes which is intended to promoted the automatic exchange of information between countries to tackle emerging tax evasion risks related ...
The Financial Action Task Force (FATF) has defined cryptocurrency-related services as "virtual asset service providers" (VASPs) and recommended that they be regulated with the same money laundering and know your customer (KYC) requirements as financial institutions. [130]
OKX. OKX is a global cryptocurrency spot and derivatives exchange and the second biggest crypto exchange by trading volume, serving over 50 million people globally. [ 2][ 3] It was founded by Star Xu in 2017, who is also the CEO as of 2023. [ 4] The President is Hong Fang [ 5] and the CMO is Haider Rafique. [ 6]
Non-fungible token. A non-fungible token ( NFT) is a unique digital identifier that is recorded on a blockchain and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided. [ 1] The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded.
Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. [ 1] In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is ...
Decentralized finance. Decentralized finance (often stylized as DeFi) offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain, mainly Ethereum. DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on assets using ...