Bill on allowing local funds to directly purchase cryptocurrencies has been submitted in Brazil

The document is expected to stimulate domestic competition and the development of more comprehensive financial products

06.02.2025 - 13:20

3 min

What’s new? A bill that would allow local funds to invest in cryptocurrency has been submitted to the Brazilian Parliament. MP Adriana Ventura, who introduced the document, believes that it could stimulate internal competition and the development of more comprehensive financial products.

Material by Cryptonews

What else is known? Ventura is a deputy from São Paulo and a member of the liberal/libertarian New Party (NOVO). She noted that the proposal would allow investment funds to meet the growing demand for cryptocurrencies and diversify investment portfolios in a safe, regulated environment.

Thus, according to the document, investment funds will be able to buy cryptocurrency from firms that are locally registered.

Currently, Brazilian institutional investors cannot make direct investments in cryptocurrency. Some experts believe this ban is inappropriate, given that the Brazilian crypto market is the largest in Latin America.

Latin America’s leading neobank launches a rewards program for USDC holders

Nubank customers are offered daily fixed-rate income with a balance of at least 10 stablecoins from Circle

“Letting investment funds include cryptocurrencies in their portfolios would align Brazil with the global trend of adopting these digital assets,” Ventura believes.

It is currently unclear how much support the bill will receive and whether it will be approved by the relevant committee. NOVO has just four lawmakers in the Chamber of Deputies and one seat in the Senate.

Brazil regulator bans World Network from collecting citizens’ personal data

Bavaria’s regulator had previously ordered the project to develop a data deletion protocol by the end of January

However, more lawmakers are beginning to take progressive positions on cryptocurrency regulation. Last month, Brazil’s Internal Revenue Service announced plans to reform the rules for taxing cryptocurrencies. The new measures will be presented by the end of the first quarter.

Author: