As per a report by InfoMoney, the Brazil Stock Exchange or the B3 is planning to expand its operations into the crypto market in 2022.
The Sao Paulo situated stock exchange, one of the leading stock exchanges in Latin America, made this news public last Friday. B3’s CEO Gilson Finkelsztain, in a presentation dated December 10, mentioned the details of the plan to enter the crypto-sphere.
Taking into consideration the past news pieces regarding this topic, Gilson mentioned that it was only natural for his company to charter into the “unregulated” world of cryptocurrencies. The CEO, however, clarified that the plan is not to become a crypto exchange. Rather, B3 will enter the market to provide services to crypto traders.
This news comes at a time when speculations regarding B3’s intentions to furnish an infrastructure for crypto activities are already making rounds on news platforms.
Finkelsztain stated that B3 is aiming to seize opportunities in the following sectors:
- Digital Tokenization of assets
- Digital Asset Custody Services (DACS)
- Crypto-as-a-service (CAAS)
- Digital Escrow
- Over-the-counter (OTC) Crypto Trading Facilitation
The stock exchange is also pondering over launching a crypto ETF (Exchange Traded Fund) in the same time frame as its entry into the crypto market. Although the launch of ETF is definite, to which index the ETFs will be placed against is still shrouded in mystery.
Brazil is a trailblazer when it comes to the adoption and legalization of cryptocurrencies. Companies in Brazil have launched five crypto-ETFs. Hashdex, a prominent Brazilian crypto asset management company launched three ETFs while QR Capital, another crypto asset management firm launched the remaining two.
Brazil is a popular haven for cryptocurrencies. Both the government and the citizens have adopted the crypto mode of monetary transactions. In April of 2021, Bank Of Brazil became the first state-owned bank to jump on the crypto bandwagon by allowing its customers to buy Hashdex’s crypto ETF. Being a country with the fifth-highest number of cryptocurrency owners, Brazil is on the way to becoming a formidable crypto-hub in South America.