Sign Up on MEXC
Highlights
- The trading of Bitcoin futures on B3 will begin next month on April 17.
- B3 already provides exposure for BlackRock's IBIT Bitcoin ETF to its clients.
- The Bitcoin futures on B3 will be linked to the Nasdaq Bitcoin Reference Price.
On Thursday, March 28, Brazil’s popular stock exchange B3 announced that the country’s securities regulator has given them the go-ahead to offer Bitcoin futures to their clients. As per the reports, the trading for the same will begin next from April 17.
More Details Regarding the Bitcoin Futures Contracts
Brazilian crypto exchange B3, currently providing exchange-traded funds (ETFs) and ETF-related receipts for cryptoassets, indicated that the official launch date might still be subject to change. The exchange also added that the BTC futures contract will have a financial settlement without the need to buy and sell actual Bitcoins.
In an official statement, the company highlighted that the Bitcoin futures will be linked to the Nasdaq Bitcoin Reference Price, with each contract representing 10% of Bitcoin’s price in Brazilian reais. Speaking on the development to Reuters, B3’s superintendent of swap rates and currency products, Felipe Goncalves, said:
“The launch meets the demand for a derivative that allows a hedge against bitcoin’s price fluctuations or a directional exposure to the asset”.
Brazil and Its Crypto Adoption
The Latin American country Brazil has been steadfast in making moves in the crypto space. Citing strong adoption in the country, the regulators have also been taking measures to build a conducive environment while ensuring the safety of investors.
Amid strong demand for Bitcoin in Brazil, BlackRock also decided to launch its Bitcoin ETF IBIT in the Brazilian market last month. BlackRock intends to accomplish this in partnership with B3, the stock exchange operator in the country. Notably, this would mark the asset manager’s inaugural crypto ETF in the South American nation.
However, starting this year 2024, Brazil will also be taxing investors for their overseas crypto holdings. The legislation dictates that profits derived from cryptocurrencies held abroad will incur a tax rate of up to 15%. Moreover, the law includes a threshold, exempting overseas earnings below $1,200 from this taxation.
In a notable move within Brazil’s financial realm, Itau Unibanco, the nation’s largest banking institution, has strategically ventured into the cryptocurrency market. The bank has introduced a cryptocurrency trading service tailored for its investment platform clientele.
- Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes
- SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes
- Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze
- Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500
- MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?
