Brazil's Largest Bank Launches Cryptocurrency Trading Services | Expanding Crypto Offerings

Discover Itau Unibanco's groundbreaking move in launching cryptocurrency trading services in Brazil, a major step in the country's financial evolution.

Get insights into the expanding range of crypto offerings, including Bitcoin and Ethereum, and how these developments align with Brazil's rapidly advancing crypto regulatory and technological landscape.

Stay informed about the future of crypto in Brazil with this in-depth analysis.

Itau Unibanco Starts Offering BTC and ETH Trading Services

On December 4, 2023, Brazil's largest bank, Itau Unibanco, launched a cryptocurrency trading service for its customers through its investment platform, as reported by Reuters.

The cryptocurrency trading service at Itau Unibanco initially supports Bitcoin (BTC) and Ethereum (ETH), with plans to add other cryptocurrencies in the future.

However, the expansion of supported currencies will depend on how cryptocurrency regulations evolve within Brazil.

Additionally, Itau Unibanco will act as a custodian, responsible for storing clients' crypto assets. However, it is reported that, at the beginning of the service, it will not be possible to deposit or withdraw cryptocurrencies.

Brazil Advancing in Cryptocurrency-Related Infrastructure

Brazil has been progressing in establishing cryptocurrency regulations. In December last year, it was reported that the President of Brazil signed a comprehensive bill to properly regulate cryptocurrencies.

In August this year, the Brazilian Central Bank Digital Currency (CBDC) was named "DREX," and it's reported that major financial institutions in the country are preparing for its introduction.

Furthermore, last month, it was reported that "the Brazilian Senate approved a bill to impose a 15% tax on profits made from cryptocurrencies held in foreign exchanges."

This bill could come into effect as early as January 1, 2024, upon presidential approval.

With the increasing use of blockchain technology in Brazil, the initiation of cryptocurrency trading services by the country's largest bank, Itau Unibanco, is expected to invigorate cryptocurrency trading in Brazil.