The Brazilian ETF will launch on March 1 on the B3 platform. There are already 13 Brazilian ETFs with crypto exposure.
Brazil News
The Federative Republic of Brazil is a country in South America with a population of approximately 216 million, covering the largest land area in both Latin America and South America. Economically, Brazil ranked as the 12th largest economy globally, with a gross domestic product (GDP) of 1.6 trillion. However, it has a low GDP per capita and ranks poorly in human development and crime, with one of the highest levels of homicide and violence.
In November 2022, Brazil’s Chamber of Deputies approved a regulatory framework legalizing cryptocurrency usage for payments. President Jair Bolsonaro signed the crypto bill 14.478 into law in December 2022, establishing crypto as a payment method and introducing licensing requirements for virtual asset service providers (VASPs). On June 14, 2023, President Luiz Inácio Lula da Silva signed government decree No. 11.563, outlining rules under the December 2022 law, empowering the Central Bank of Brazil to regulate and supervise VASPs. Additionally, token projects qualifying as securities remained under the oversight of Brazil’s equivalent of the SEC, the Comissão de Valores Mobiliários.
In Brazil, individuals are taxed on capital gains up to 5 million reais at 15%, increasing progressively to 22.5% for higher gains. Brazilian legal entities are taxed on crypto gains as regular income, following the chosen corporate tax system.
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Switzerland and Germany were hit hardest during the most recent trading week, but Canadian ETFs had the largest outflows in January, CoinShares’ data shows.
4929Amid its ongoing streak of expansions and collaborations, Worldcoin has paused its offline verification procedure in the Indian market.
7495In Nigeria, stablecoins have become the favored cryptocurrency because they’re tied to a widely accepted asset, the U.S. dollar, providing a hedge against inflation and the devaluation of the naira.
5161The Cardano Foundation is partnering with Petrobras, the largest corporation in Brazil, to offer blockchain education and explore use cases in the energy sector.
3734Under the new rules, Brazilian citizens will pay the state up to 15% of their crypto profits.
8032Spain and Brazil are chasing cryptocurrency stored abroad, while the U.K. wants taxes paid for crypto assets that weren’t previously declared.
2740Brazilian bank Itaú Unibanco has reportedly launched a cryptocurrency trading service for its clients as part of its investment platform.
8847The new rules would make crypto income from exchanges outside Brazil taxable at the same rate as local income.
12795The global cryptocurrency exchange and Web3 service provider launched a local exchange and Web3 wallet in Brazil as the country continues its competitive crypto streak.
3130Bitcoin maximalist José Ribeiro, CEO of crypto exchange Coinext, spoke with Cointelegraph at the Web Summit about Brazil’s cryptocurrency landscape.
4652USDT has seen a significant surge in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country so far in 2023.
9220A congressional committee has recommended that Changpeng Zhao and three local Binance executives be indicted for fraud and other financial crimes.
5224Daniel Maeda of Brazil’s CVM said during Rio Innovation Week the regulator plans to explore a regulatory sandbox for use cases of tokenization, potentially starting in 2024.
4095BTG Pactual is known for launching cryptocurrency trading services for its customers and is also planning to launch its own stablecoin.
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