Brazil’s Securities and Exchange Commission (CVM) has approved the country’s first spot XRP ETF by Hashdex, marking a major milestone.
The Brazilian Securities and Exchange Commission (CVM) has accepted the first spot XRP exchange-traded fund (ETF) in a move that came as a surprise.
Reports say that the SEC approved an XRP ETF application sent by asset manager Hashdex. This is a big step forward for the crypto industry in Brazil.
The US Securities and Exchange Commission (SEC) has also approved a fourth XRP ETF application, which gives the crypto business more hope. Along with Grayscale, 21Shares, and Bitwise, the US SEC has now approved CoinShares’ application for an XRP ETF.
Hashdex’s XRP ETF Approved by a Brazilian Watchdog
Portal do Bitcoin, a local news source, says that the Brazilian Securities Commission (CVM) has given its approval for Hashdex’s spot XRP ETF. Hashdex and Brazil have both made big steps forward with this news. Brazil now has its first-ever XRP ETF.
Hashdex has stated that the CVM has given its approval, but the asset manager has not yet set a date for the launch. The company has said, though, that important information will be sent out soon.
Brazil’s Bold Approach to XRP and Cryptocurrencies
Brazil has set itself up to be a world leader in using cryptocurrencies. The country has worked to help the business grow because it knows it has a lot of potential.
Reports say that between July 2023 and June 2024, trades in Brazil’s cryptocurrency market were worth a total of $90.3 billion. This made it the second-largest market in Latin America.
“XRP is a natural choice for an ETF due to its real-world utility, growing institutional demand, and overall market cap,” said Silvio Pegado, Ripple’s managing director for Latin America. Pegado added,
Following the approval of one of the first Bitcoin ETFs in 2021, the approval of the first XRP ETF by the CVM demonstrates Brazil’s visionary approach to crypto markets and financial advancements…Brazil continues to position itself as a country open to innovation, and we expect it to be central to more pioneering advances in the crypto sector in the future.
