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Ripple expands Brazil push as it seeks virtual asset license from central bank

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Ripple launches Ripple Treasury to help Arc Miner modernize its enterprise cash and digital asset management

Summary

  • Ripple plans to apply for a Virtual Asset Service Provider license from the Central Bank of Brazil, pulling its operations under Brazil’s new crypto framework instead of operating as a grey “technology vendor.”
  • Banks and fintechs including Banco Genial, Braza Bank and Nomad already use Ripple infrastructure for same‑day dollar transfers, real‑backed stablecoins and cross‑border fund flows, while partners like CRX and Justoken issue tokenized commodities and other RWAs via Ripple custody tools.
  • For Ripple and XRP watchers, Brazil combines deep remittance corridors, a sophisticated banking sector and pragmatic tokenization rules, making it a key test case for whether XRP‑ledger rails can matter beyond litigation headlines and secondary‑market hype.

Ripple (XRP) is stepping up its Latin American strategy, moving to formalize its presence in Brazil’s regulated crypto market while quietly deepening real-world payment and tokenization rails in the country. The company said it plans to apply for a Virtual Asset Service Provider (VASP) license from the Central Bank of Brazil, a move that would pull its local operations directly under the country’s evolving crypto framework.

The push comes as several Brazilian financial institutions are already plugged into Ripple’s infrastructure for cross‑border flows and on‑chain settlement. Investment bank Banco Genial uses Ripple’s network to process same‑day dollar transfers, effectively turning the ledger into back‑end plumbing for faster FX and remittance rails. Braza Bank has gone a step further, issuing a real‑backed stablecoin on the XRP Ledger, using Ripple’s tech stack to tokenize local fiat and streamline domestic and cross‑border settlements.

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Fintech firm Nomad is also using Ripple’s network for stablecoin‑based fund flows between Brazil and the U.S., positioning XRP‑ledger rails as an alternative to traditional correspondent banking in a corridor notorious for fees and friction. At the same time, partners including CRX and Justoken are issuing tokenized assets through Ripple’s custody products, covering commodities and other real‑world assets that local investors already understand and regulators can more easily slot into existing frameworks.

If granted, a VASP license would effectively turn Ripple from a quasi‑grey “technology vendor” into a supervised participant in Brazil’s digital asset regime. That matters for institutions that want crypto‑adjacent yield, remittance efficiency, or tokenization upside but remain unwilling to touch unlicensed infrastructure. For Ripple, Brazil offers the right mix: large remittance corridors, a sophisticated banking sector, and regulators that are tough but pragmatic on stablecoins and tokenized assets.

For XRP and broader market watchers, the Brazil pivot is another sign that Ripple’s post‑U.S.‑litigation strategy leans heavily on jurisdictions where payment use cases, not speculative trading, are the headline. If Ripple can secure a VASP license and scale real‑world flows through banks like Genial and Braza, Brazil could become one of the key test beds for whether XRP‑ledger infrastructure can matter beyond courtrooms and secondary‑market narratives.

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Crypto World

Argentina Blocks Polymarket as Crackdown on Prediction Markets Expands

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Crypto Breaking News

Court Orders Remedial Reflex

In Buenos Aires, a court directed regulators to impose tight controls of access. The telecom regulator ENACOM also liaised with the internet companies to shut down the site. Google and Apple were also asked to take the app out of their stores. The reason why these actions are taken is to restrict access to the users in the country.

This has caused regulators to tighten their belts due to apprehension caused by activity associated with inflation data. It was reported that the platform made predictions of Argentina’s inflation rate in February before it was officially released. Besides, authorities reported that the prediction was altered minutes before publishing. This chain of events triggered the need to further research how the platform functions.

Researchers came to the conclusion that the platform served as a web-based betting platform. Regulators also said it enabled the users to participate in wagering without licenses. Also regulators were worried about access by minors. These results resulted in even tougher steps to be taken against the platform.

Latin America’s Crackdown Continues

The move is in line with other actions taken by Colombia. Polymarket was later blocked in the country due to similar complaints raised against unlicensed gambling services. Therefore, Argentina became the second country to ban the platform in the region. Such a trend underscores the developing regional integration in the area of regulatory enforcement.

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Regulatory examination does not just end at Latin America; it extends to other markets. It has been reported that websites like Kalshi have been involved in court cases in the United States due to allegations of unregulated betting services. It has also been reported that unpaid wagers have been involved in cases of dispute that are associated with geopolitical activities. Regulators and legal authorities have paid more attention to such developments.

Polymarket has also addressed criticism by eliminating some of the markets. Additionally, the site has recently shut down a market for nuclear risk forecasts after being pressured by the publicity. More so, the shutdown was done through the high geopolitical tensions. This is in response to efforts to deal with concerns as the regulatory pressure persists. Argentina has imposed a nationwide ban on Polymarket following the discovery of unlicensed betting operations and a ban on platforms. The relocation is in line with the larger international desire to control prediction market sites and restrict illegal gambling solutions.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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US Lawmakers Introduce Bill to Crack Down on Prediction Markets War Bets

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Law, Congress, United States, Prediction Markets

Two Democratic lawmakers in the US Congress have introduced legislation in response to “government corruption” over bets on prediction markets platforms.

In a Tuesday announcement, Texas Representative Greg Casar and Connecticut Senator Chris Murphy said they had introduced the Banning Event Trading on Sensitive Operations and ​Federal Functions (BETS OFF) Act after several Polymarket accounts made “highly unusual bets” that a war between the US and Israel against Iran would begin.

Murphy said on March 4 that it was likely that people with “inside information” of US President Donald Trump’s plan to bomb Iran had made the bets.

“We shouldn’t live in a country where someone sitting in the situation room making decisions about whether to invade or to bomb, decisions about war and peace, life and death, that those decisions could be driven by the fact that they have hundreds of thousands of dollars riding on the decision,” said Casar.

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Law, Congress, United States, Prediction Markets
Source: Representative Greg Casar

The bill is the latest twist in US lawmakers’ efforts to crack down on prediction market platforms and accounts allegedly using insider information to profit from government actions. Last week, California Senator Adam Schiff introduced the DEATH BETS Act to prevent prediction markets platforms from listing events contracts related to war, terrorism, assassination and individual deaths.

Related: Arizona AG files charges against Kalshi over ‘illegal gambling‘

Platforms like Polymarket and Kalshi offer bets on a variety of outcomes, including sporting events and US politics. However, users betting on the specifics of the US-Israel conflict with Iran have ignited controversy in many areas of government. On Monday, a military correspondent with the Times of Israel said that he had received death threats over his report of the date when an Iranian missile had struck Israel, all “in order to resolve a prediction on Polymarket.”

War-related bets still live on Polymarket

As of Tuesday, Polymarket still offered users the opportunity to place bets on the outcomes of several potential decisions in the US-Israel conflict against Iran, including on whether the US would send ground forces into the country, when a ceasefire might happen, and changes to Iranian leadership.

“The promise of prediction markets is to harness the wisdom of the crowd to create accurate, unbiased forecasts for the most important events to society,” said Polymarket in a note on Middle East markets. “That ability is particularly invaluable in gut-wrenching times like today. After discussing with those directly affected by the attacks, who had dozens of questions, we realized that prediction markets could give them the answers they needed in ways TV news and [X, formerly Twitter] could not.”

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Kalshi, in contrast, offered event contracts related to the Iranian conflict but not on specific military actions, such as if the country might reach a nuclear deal with the US and whether Trump or other elected officials might visit Iran.

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