The major Brazilian bank Itau Unibanco has officially launched a crypto trading service for its customers, further shaping the digital asset environment in Brazil.
In Brief
Itau Unibanco has launched a cryptocurrency trading platform on its investment service, marking its arrival as a competitor in the local digital asset marketplace.
They have unveiled a trading service for cryptocurrencies on their investment platform, positioning themselves within the competitive digital asset exchange space. Itau Unibanco The initial offerings of this new service feature popular cryptocurrencies like Bitcoin, with intentions to add more options in the future, depending on how local crypto regulations evolve.
According to Guto Antunes, Head of Digital Assets at Unibanco, \"We’re starting with Bitcoin, but we aim to broaden our selection of crypto assets in the future.” Bitcoin and Ethereum This initiative places Itau in direct rivalry with local competitors, including MB crypto exchange and the Mynt unit of investment bank BTG Pactual, as well as international firms like Binance.
Itau Unibanco sets itself apart by also serving as a custodian, ensuring the safekeeping of users' assets, which fortifies its position against competition in the digital asset arena.
This announcement comes on the heels of XP and PicPay's withdrawal from the crypto market about a month back, with regulatory uncertainty being a significant concern for their exit. digital assets The rising adoption of cryptocurrencies in Brazil has prompted a regulatory response, emphasizing the need for adherence to compliance and safety measures. Binance Brazil is now ninth in cryptocurrency adoption globally, according to a recent Chainalysis report, exhibiting a fast-growing interest in digital assets.
In response to the surge in crypto usage, the Brazilian central bank, Banco Central do Brasil, has tightened regulations, bringing crypto platforms into stricter oversight.
Recently, the Brazilian Senate moved forward on new income tax laws. If signed into law by President Luiz Inacio Lula da Silva, there may be up to a 15% tax on cryptocurrency gains from overseas exchanges.
The regulation, potentially coming into effect on January 1, would target Brazilian residents who earn over $1,200 from international exchanges and investment firms with individual ownership. report .
Itau Unibanco's venture into the digital asset exchange market by providing a crypto trading service underscores the shifting dynamics in Brazil's digital asset field, particularly amid the rising adoption trend. Brazil Please be advised that the information offered here is not meant to serve as financial, investment, tax, or legal advice. It's crucial to invest solely what you can afford to lose and seek independent consultation if you are unsure. For thorough understanding, we recommend reviewing the applicable terms and conditions along with the help resources from the issuer or advertiser. MetaversePost is dedicated to providing precise and impartial news, but market conditions can change without notice. regulation Alisa is a committed journalist with Metaverse Post, focusing on cryptocurrency, zero-knowledge proofs, investments, and the rapidly evolving Web3 space. She has a knack for identifying new trends and technologies, delivering insightful analyses to keep her audience engaged in the digital finance landscape.
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