A Brazilian lawmaker is pushing a bill that could let investment funds in Brazil invest in crypto, including Bitcoin.
São Paulo MP Adriana Ventura has introduced a draft bill that could give Brazilian investment funds the green light to buy cryptocurrencies.
Everyone wants Bitcoin?
The bill, which you can find on the Brazilian parliament’s website, is all about meeting the growing demand from investment funds who are itching to get their hands on some crypto.
Ventura argues that this move would let funds diversify their portfolios and boost Brazil’s position in the already pretty hot Latin American crypto market.
“Letting investment funds include cryptocurrencies in their portfolios would align Brazil with the global trend of adopting these digital assets. It would recognize their importance as a legitimate asset class, and it would reinforce the competitiveness of the domestic market.”
Paperwork and bureaucracy
Right now, thanks to the lack of related laws, Brazilian institutional investors can’t directly invest in crypto, even though Brazil has one of the biggest retail crypto markets in Latin America.
But this new bill would let funds registered in Brazil buy crypto from licensed firms operating within the country.
Regional power
Of course, there’s no guarantee this bill will pass at all. But Brazil is already known for its quite crypto-friendly environment, and regulators are working on crypto tax reforms that should be announced by Q1 this year.
If this bill gets the thumbs up, it could be a huge step towards mainstream institutional crypto adoption in Brazil, and the country could solidify its spot as a leader in the Latin American crypto industry.
Have you read it yet? Bitcoin is America’s new political football?
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