The Brazilian Ministry of Finance has approved a motion that allows investments in crypto assets. The crypto exchanges that will take care of this will be regulated by the authorities.
The Securities and Exchange Commission of Brazil has set some rules for allowing crypto investments. The authorities should make sure there will be no illegal activities such as money laundering or other types of fraud.
Grupo XP, a big Brazilian investment company is already working on opening the first Brazilian crypto exchange. The platform, which will be called XDEX, should be facilitating the purchase and exchange of Bitcoin and Ethereum. Guilherme Benchimol, CEO of Grupo XP, says the decision to broaden their horizon and focus on cryptocurrencies has to do with the popularity of the coins amongst Brazilians. For every stock investor, there are 5 coin holders in Brazil.