For crypto enthusiasts in Brazil, a very positive piece of news has come out of the presentation held on 10th December by B3 President Gilson Finkelsztain. B3 is the only stock exchange in the nation of Brazil. They want to enter the crypto market in 2022. According to Gilson Finkelsztain, they will also be launching a crypto ETF or an Exchange Trade Fund.
What exactly is B3 exploring?
During the presentation, it was made clear by the B3 president that they’ll be exploring a lot of different options in the crypto market. They are looking into tokenization of assets, digital custody of assets, and segments of service-based crypto Or CAAS. CaaS means crypto as a service. These declarations by the B3 president have already been confirmed by a reputed crypto journalism site.
Apart from that, B3 will also be looking to help people access liquidating options so that crypto holders can easily get usable cash. Moreover, they will consider launching services that will speed up the OTC trading of crypto.
Perhaps the Brazilian government is getting into the crypto game because five private Brazilian companies have already started crypto exchanges. The aim of B3, however, is not to become a cryptocurrency exchange itself but facilitate the processes involved in it. On paper, crypto holders and enthusiasts will have the backing of their government. One downside of this could be the fact that the nation might try to over-regulate crypto, which defeats the purpose of DeFi. The intentions of B3, and consequently, Brazil regarding cryptocurrencies and exchanges will only be made clear after the implementation of their plans.