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Sunday, February 5, 2023

Report: Brazilian Stock Exchange B3 Plans To Enter The Crypto Market In 2022

B3, Brazil’s only stock exchange, plans to enter the crypto market in 2022, according to InfoMoney, citing B3 President Gilson Finkelsztain’s presentation on Dec. 10.

  • InfoMoney reported that B3 is exploring opportunities in the asset tokenization, digital asset custody, and crypto-as-a-service (CaaS) segments.
  • San Pablo-based exchange is also considering facilitating over-the-counter (OTC) trading and access to liquidity centers.
  • “It is natural for us to enter the unregulated world of cryptocurrencies,” said Finkelsztain, who added that B3 does not plan to be a crypto exchange but to provide services for crypto traders.
  • B3 expects to launch a crypto exchange-traded fund (ETF), although it did not establish which index a potential ETF would replicate.
  • Brazilian companies have launched five crypto ETFs. Crypto asset manager Hashdex has launched three of these products, while fintech company QR Capital has released the remaining two.
  • In October, Brazil’s Central Bank said that B3 could serve as the blockchain leader for the smart contract system of a digital real (CBDC).
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