In Brief:
- A report suggests that Brazil’s only stock exchange, B3, is apparently planning to enter the crypto market in 2022.
- To substantiate these claims, the report cited a December 10 presentation from B3 President Gilson Finkelsztain.
- President Finkelsztain reportedly hinted that the firm’s plan is not to be a crypto exchange, but to offer services to crypto traders.
Brazil’s only stock exchange, B3 is reportedly planning to enter the crypto market in 2022. A report quoted a December 10 presentation from B3 President Gilson Finkelsztain, to substantiate these claims.
The report suggested that during the presentation, Finkelsztain mentioned, “It’s natural for us to expand into the unregulated world of crypto”. He also stated that the plan is not to be a crypto exchange but to offer services to crypto traders.
B3, which stands for The B3 S.A. – Brasil, Bolsa, Balcão is exploring opportunities in the various domains like asset tokenization, digital asset custody, and crypto-as-a-service (CaaS).
The firm had listed out other major domains like trading and access to liquidity centers, Over-the-counter facilitation, and Capital Efficiency Gains so as to mitigate the pre-funded nature of operations.
Moreover, the Brazilian stock exchange said that it is also considering the addition of a crypto exchange-traded fund ETF, but it is still contemplating as to which index must be brought in the product.
It is worth mentioning that Brazil already has five ETFs for investors to consider, three of which are from Hashdex and two from QR Capital.
When it comes to ETF or cryptocurrency, Brazil is one of the top contenders in this race of crypto space. For instance, in August, Brazil launched its brand new bitcoin ETF, BITH11 which is considered to be Brazil’s first-ever “green” Bitcoin ETF.
In fact, a report by the Central Bank of Brazil suggested that Brazilians have bought more than $4 billion of cryptocurrency this year.
