Oliver from Tulsa

Signed up at Rollers VIP 3 minutes ago.

» Try Rollers VIP too
Do not show again

Traditional financial institutions such as banks are investing more in crypto technology. They look to capitalize on the increase in crypto adoption that has seen everyday use cases for crypto. Brazil has been booming in the bear market, and today Chante at Crypto Lists takes a closer look at the nation’s current state of adoption. And, what it means for the region and wider world in general.

In what is a significant breakthrough for the Latin American region, the South American nation Brazil had its Congress pass a bill that would be of interest to the crypto industry. The Chamber of duties approved the bill proposing banks legalize crypto as a payment method facilitated by banks. In this case, it would seem regulation of crypto has been critical in enabling adoption within the mainstream.

What does Brazil’s Congress Bill Detail?

Crypto enthusiasts from all corners of the globe are thrilled by the proposed bill by Brazil’s Congress. The bill pushes for regulation of the crypto industry in facilitating crypto payments in Brazil.

This has the impact of increasing crypto adoption not only in Brazil but the Latin American region. The newly approved regulatory framework is under code PL 4401/2021.

Brazil does not recognize crypto as legal tender like its Central American counterpart, El Salvador. The proposed bill does not change the current stand on this. It is set to serve as payment agreements under the country’s Central Bank’s supervision to include digital assets and air mileage programs in frequent traveler rewards.

How Do Crypto Payments Work?

This opens up the country and region to enjoy the benefits of cryptocurrency payments. Cryptocurrency operates as a peer-to-peer system that facilitates anyone to send and receive money without relying on third parties to verify the transaction.

The transactions are recorded on a publicly distributed ledger known as a blockchain. The blockchain also records the amount of crypto held. Crypto is not tangible but is a key that facilitates these transactions without a trusted third party.

Rating: 9.33/10
Supply: 307,782,016 / 511,216,000
Release date: April 10, 2019

Description: Buy Solana’s native coin to help validate one of the most powerful networks in the industry.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

The Impact of Passing the Bill

The bill only requires the signature of Brazil’s President to pass it into law. This would translate to the country recognizing crypto as a legal payment method for goods and services. This allows banks to integrate crypto for payment services similar to credit cards.

The global crypto industry would be able to access the Brazilian market as the law would also facilitate the issuing of licenses to various crypto exchanges and promoting custodial services for crypto by third parties. Once the bill is passed, these exchange platforms and third-party crypto custody must establish a legal entity in Brazil to operate. There is a possibility of a grace period for compliance for active crypto firms.

FTX’s Role

The downfall of the FTX crypto exchange has necessitated the requirement of crypto exchanges and service providers to make a clear distinction between the company’s funds and clients’. FTX’s exposure occurred during a bank run resulting in a liquidity crisis. The exchange was using users’ funds for its operations without holding an equivalent ratio of company and users’ assets.

The government’s executive will decide which office will supervise the regulation of the crypto industry once the President signs the bill into law. One thing guaranteed is that tokens that are defined as securities will carry on under Brazil’s Securities and Exchange Commission, CVM. The body remains to be one of the public agencies involved in crypto together with Brazil’s Central Bank.

Brazil’s Crypto Developments on the Global Stage

Crypto adoption in Brazil was underway before this newly proposed bill. Some banks already provide crypto custody, such as the subsidiary of Santander, a Spanish multinational financial services company. The subsidiary is also planning to provide crypto trading services in Brazil. One of Brazil’s largest and long-serving private banks formed in 1945, Itau, will also launch its asset tokenization platform to encourage more crypto-related activity in the country. Despite these milestones, no company provides a crypto payment service within Brazil.

The need for regulation for crypto payment services will only strengthen Brazil’s crypto adoption and welcome well-established crypto firms into the country. It continues to attract more investors with its traction in regulation and adoption. In the Latin American region, it has the most crypto ETFs. As mentioned, its major banks spearhead the exposure to crypto via crypto investments, token offerings, and custody services.

It is exciting to witness emerging economies, including Brazil, embrace crypto technology. The bear market and collapse of FTX are not dampening the surge of crypto into the mainstream.

QR code to visit MEXC Global
Info symbol Get MEXC Global

UK flag
Rating: 8.82/10
Number of instruments: 232+ instruments

Description: Sign up to one of the best exchanges available in Brazil!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

by Our Certified Author
Solana Coin Newsflash
    WorldPay and VISA now work with Solana BlockchainWorldPay and VISA now work with Solana Blockchain
    Tuesday, 5 Sep 2023 8:12 pm
    The smart money seems to be finding their way into Solana (SOL). The private equity company GTCR acquired 55% stake in the payment processor WorldPay earlier this year, with Fidelity National Information Services (FIS) as the other major stakeholder. Today, Visa announced that they work with WorldPay and Nuvei to accept USDC stablecoin over the Solana network. Earlier, only USDC payments through the more expensive Ethereum Network was supported. This could be major positive news for Solana reaching mainstream consumers and investors, that are looking for a fast and affordable blockchain and native coin. Solana (SOL) was up over 4.6% following the news from VISA, while Bitcoin (BTC) is down 0.6% for the day and ETH is up a modest 0.2%. Is the next step an increasing amount of Solana casinos, following rather high gas fees for transfers...
    Read the full newsflash

    Solis Bet: a new Cardano casino with a juicy welcome bonus!Solis Bet: a new Cardano casino with a juicy welcome bonus!
    Thursday, 31 Aug 2023 11:46 am
    There are exciting new crypto casinos popping up all the time, but at Crypto Lists we like to think we've got a pretty discerning eye and only review the best ones. One that we published today is the awesome Solis Bet (review). One thing we really liked with Solis was that you can deposit with Cardano (ADA). So, in simple terms it's a Cardano casino, a flourishing niche and one that sits alongside others including Solana casinos. And, there are 2000 games for you to enjoy from developers like BGaming, which is really cool because new casinos often don't have any big names. If you sign up now, you can get a welcome bonus worth up to 1250 EUR. So, what are you waiting for? Try Solis Bet now and get your hands on some tip-top prizes and play some great...
    Read the full newsflash

    Highest Rated Solana casinos in August, 2023Highest Rated Solana casinos in August, 2023
    Friday, 25 Aug 2023 9:21 pm
    Don't care about anything but the best and fastest, or perhaps you like the newest? Well, CryptoCasino (facts) is a combination of both and they have super high rating from our independent reviewers. At this brand new crypto casino, you can deposit with Solana and take out money with SOL as well. Everything goes in crazy fast and during out tests it took less than 5 seconds for a deposit to arrive. Sign-up for CryptoCasino now and enjoy the best reward program in the industry, a fantastic selection of games and obviously full Solana support. Another of the latest reviews is for the global Betplay casino. They also take pride in immediate deposits and just as quick payouts. They have a lovely design and been around for almost 2 years and it's available for most countries around the world. Give BetPlay a try now! Few others can compete with their offering, design and speed of...
    Read the full newsflash

    CryptoCasino: a brand new casino with SOL deposit and playCryptoCasino: a brand new casino with SOL deposit and play
    Monday, 21 Aug 2023 10:47 am

    If you're keen to try a brand new crypto casino that comes with 15% cashback, a match deposit bonus, 50 free spins on registration, and more crypto deposit options than you can shake a stick at then let us introduce you to the one and only CryptoCasino (review). It's loyalty program is simply exquisite, with 30+ levels to climb, each one more bountiful than the last. And, with seven tiers to pass through, you can expect some truly marvelous rewards to come your way, including holidays paid for on the house. Kerching! It's also one of the very best Solana casinos, allowing you to both deposit and play with the popular coin. Not many casinos offer this, so it's yet another feature that separates CryptoCasino from the rest of the pack. Sound good? Thought so. Play CryptoCasino now and claim your 50 free spins before...
    Read the full newsflash

    Solana Ecosystem Call: 7 Clear WinsSolana Ecosystem Call: 7 Clear Wins
    Friday, 5 May 2023 3:38 pm
    Solana Ecosystem Call reached almost 2000 developers, investors, enthusiasts and forward thinking crypto sites such as Crypto Lists. Solana NFTs are reaching new records all the time and 280 000 collections are live on the fast network. One of the biggest wins for Solana ecosystem include that Mad Lads NFTs topped the 7 day and 24 hour chart of the most traded non fungible token. Meanwhile, Tensor Trade is gaining ground as a NFT marketplace that focus solely on Solana. The new Solana Saga mobile has been out for about a month now and it's reaching 20 apps. It's just the start - some...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
* indicates required
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top