When it comes to adopting a new technology, countries like USA, UK, China and Russian naturally tend to take the lead. However, with blockchain, these countries have lagged greatly. With countries like Malta taking the forefront in the adoption of blockchain technology, Brazil has also taken a major leap towards asserting itself as a leading blockchain hub across the world through the introduction of the instruction number 555.
Brazil is asserting itself as a leading blockchain hub across the world through the introduction of the instruction number 555.
Brazilians Can Invest Indirectly in Crypto
Brazil has commenced efforts to start offering a friendly atmosphere for various blockchain based projects to carry out their operations conveniently.
Going by a report from Brazil’s securities regulator, the Comissao de Valores Mobiliários (CVM), investment funds resident in Brazil can invest indirectly in cryptocurrencies.
The report also made it clear that the CVM is also doing its best to ease all current regulations for institutions to invest in the crypto market.
The CVM also noted that, although it has no restrictions when it comes to indirect investment in cryptocurrencies, with foreign funds, its only concern is that, these investments should be regulated in the country where they are traded.
The Instruction Number 555
The regulations guideline tagged as “instruction number 555” is not in anyway restricting the trading of crypto assets, however, this doesn’t stop the CVM from flagging and sanctioning any illegal activity relating to crypto.
Some notable illegal activities notorious with the crypto scene are money laundering activities, market manipulation or funding criminals.
Brazil is steadily working its way towards becoming a cryptocurrency powerhouse with the introduction of the instruction number 555. Brazil’s economy has been very positive and this alone has attracted investors from all over the world to the country. The crypto scene in the country is also not a small one, with largest cryptocurrency exchange in the country, Foxbit boasting of about 400,000 active users.
The future of Cryptocurrency in the country has been filled with many positive expectations. The Intercontinental Exchange (ICE) will be launching a crypto platform known as Bakkt. Through this platform, market investors would be able to trust an already established financial institution