BeInCrypto’s comprehensive Latin American cryptocurrency roundup brings you the most important news and trends from Latin America. We work with journalists from Brazil, Mexico, Argentina and more to report on the latest developments and insights from the region’s cryptocurrency industry.
News this week includes Brazil’s approval of the Solana ETF, Bolivia’s interest in metal-backed stablecoins, and more.
Brazil approves world’s first Solana-based spot ETF
The Brazilian Securities and Exchange Commission (CVM) has approved the launch of the world’s first Solana-based cash exchange-traded fund (ETF). The product is currently in the pre-operational stage, awaiting final approval from B3, Brazil’s main stock exchange.
The Solana Spot ETF, managed by QR Assets and operated by Vortex, will track the CME CF Solana Dollar benchmark rate. Teodoro Fleury, chief investment officer of QR Asset, expressed excitement about the new ETF.
“This ETF reaffirms our commitment to providing quality and diversified investments to Brazilian investors. As a global pioneer in this field, we are proud to solidify Brazil’s position as a leading market for regulated investment in crypto assets,” said Fleury.
The launch of the ETF will bring Solana into the mainstream financial system and mark the first Solana-based product in Brazil. In the past few years, Latin American countries have shown great interest in developing financial products, and B3 has played an important role. Moreover, the exchange has successfully listed multiple cryptocurrency ETFs in recent years, further cementing its position in the crypto market.
Peru imposes new anti-money laundering regulations on cryptocurrency companies
Starting August 1, Peru’s cryptocurrency market has entered a new regulatory era. Peru’s Superintendency of Banks and Insurance (SBS) has launched the country’s first official framework aimed at preventing money laundering and terrorist financing in the cryptocurrency industry.
The regulation requires all cryptocurrency businesses to comply with strict anti-money laundering (AML) measures, signaling a shift towards increased transparency and security in the sector. Failure to comply with these regulations may result in severe penalties, highlighting the importance of regulatory compliance for cryptocurrency companies operating in Peru.
Moreover, these new regulations align with international standards set by the Financial Action Task Force (FATF), indicating Peru’s commitment to combating illicit financial activities within the crypto space.
Paraguay blocks miners from leaving despite rising electricity prices
Paraguay’s National Electricity Authority (ANDE) has dismissed concerns that rising electricity prices are leading to an exodus of cryptocurrency miners. Despite the increase in tariffs for large miners, ANDE has taken measures to ensure that mining operations continue in Paraguay.
The ANDE chief emphasized the importance of maintaining a stable supply of electricity for mining companies, highlighting the economic benefits that mining activities bring to the country. Additionally, efforts to combat illegal mining activities through tariff increases demonstrate the government’s commitment to regulating the sector effectively.
While there have been reports of mining companies considering relocation to Brazil, ANDE’s proactive approach aims to retain mining operations in Paraguay and sustain the industry’s growth.
Stay tuned for more updates and insights on the Latin American cryptocurrency industry in the coming weeks!
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