Brazilian largest private bank, Itau Unibanco, has made its foray into the cryptocurrency space. The lender is offering cryptocurrency
trading service, initially dealing in Bitcoin and Ether, according to a report
by Reuters. Itau Unibanco’s expansion into digital assets is based on the
evolution of crypto regulations in the Latin American country.
Its entry into the Brazilian crypto market positions
it directly in competition with local players such as Mynt and global giant Binance. What sets Itau apart from its
counterparts is its dual role as a trading platform and custodian for digital assets.
By offering custodial services for crypto users’ assets, Itau aims to establish its presence in Brazil’s fast-growing digital space. While the initial focus remains on Bitcoin and Ether, the bank
aspires to diversify its crypto portfolio.
Brazil’s financial landscape is poised for a
significant transformation following the Senate’s approval of legislation
proposing a 15% income tax on offshore crypto gains exceeding $1,200. This proposed rule is waiting for the final endorsement from the country’s president and could be implemented on January 1.
Brazil’s rising interest in digital assets has
attracted attention from global exchanges. Binance introduced Binance Pay in
the country in August to offer contactless crypto payment services in
partnership with local entities like Weo Games.
