According to InfoMoney, the only stock exchange in Brazil, B3, is aiming to enter the cryptocurrency market in the coming year 2022. The report cited a presentation given by B3 President Gilson Finkelsztain on December 10.
Data posted by InfoMoney indicates that B3 is exploring prospects in the asset tokenization, digital asset custody, and crypto-as-a-service (CaaS) areas.
It is also being considered by the San Pablo-based stock exchange to facilitate over-the-counter (OTC) trading service along with access to liquidity centers.
Finkelsztain further added that he believes the expansion into the unregulated world of cryptocurrencies to be natural to them. He further clarified that B3 does not intend to operate as a crypto exchange but rather to provide services to cryptocurrency traders.
It is interesting to note the growing involvement of Brazilian institutions in the crypto industry. Recently, the investment bank of Brazil, BTG Pactual, recently launched a crypto trading app.
Brazil launches five crypto ETFs
In the near future, B3 aims to create a cryptocurrency exchange-traded fund (ETF), albeit the organization did not specify which index the possible ETF would replicate.
Five cryptocurrency exchange-traded funds (ETFs) have been launched by Brazilian businesses. Hashdex, a cryptocurrency asset manager, has launched three of these products, with the remaining two being introduced by fintech firm QR Capital.
B3 might be the blockchain leader for the smart contract system of digital real estate, according to the Central Bank of Brazil stated in October (CBDC). As TheCoinRise reported, Brazil is also looking to adopt Bitcoin as legal tender. If this happens, it would be marked as a major event in the history of the crypto industry after El Salvador which recently bought 100 more BTC after declaring it a legal tender in September this year.
Brazil has been solidifying its steps in the crypto industry and recently announced that the new bill contains provisions for workers to get their salaries in Bitcoin.