Banco Santander to offer Bitcoin and Ethereum trading to its clients in Brazil – DiarioBitcoin

The measurement will be made through Bull, the investment platform belonging to Grupo Santander in Brazil. The announcement follows closely the alliance between Nubank vs Lightsparkwhich will allow carrying Lighting Network to products and services related to Bitcoin.

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• Santander Brazil, through Bull, will enable trade Bitcoin and Ethereum in the South American country
• They will be available initially to a select group of clients with appropriate risk profiles.
• Later it will reach the more than 1 million users it manages Bull in Brazil
• The measure seeks to position Bull already Santander Among the banks that support cryptocurrency transactions

Bull, the investment platform owned byThe Santander Group in Brazil, will expand its commercial catalog and allow retail users to trade with Bitcoin and Ethereum from the service.

Toro to enable cryptocurrency operations in Brazil

This was reported in local reports published this week, which indicate that Santander Group would be seeking to compete in the same market in which entities such as Nubank, Itaú, Inter and BTG Pactual They already operate, only this would be done through Bull, where actions and products such as ETF.

According to the media Valor.Globo.comJoão Resende, founder and CEO of Bull, operations with Bitcoin and Ethereum They will be available initially to a select group of clients who have a risk profile appropriate for this type of product, and gradually the possibility will be opened up to the more than 1 million users who operate on the platform.

Additionally, Resende indicated that although they would start with Bitcoin and Ethereum As they are the currencies with the highest market capitalization and commercial reputation, they plan to enable other cryptocurrencies later. “It is a first step that we are taking,” he assured.

Regarding the arrival of crypto operations at this time, Resende indicated that this had been in plans for a long time, but they had to face certain controls, adapt commercial and custody infrastructures and establish guidelines with other partners within the industry to guarantee due compliance with laws and regulations. He noted that the idea is “to offer a product with all the necessary educational and safety focus.”

Brazil and cryptocurrencies

The announcement by Santander and Bull comes to place shortly after Nubank reveal an alliance with lightspark, measure that will allow the integration of Lightning Network in products and services that support operations with Bitcoin for bank users.

As for Brazil, the country has been making important efforts to regulate and channel cryptocurrency operations, due to the boom and adoption seen among residents.

Last May, the Central Bank of Brazil The Commission announced that it will reveal details about the new regulatory framework applicable to cryptocurrencies at the end of this year, a process that will be divided into phases, and whose progress will structure the proposals that will be presented at the local level.

Recently, the Ministry of Finance of Brazilthrough its Prizes and Betting Secretariat (SPA), The ruling states that entities operating sports betting services are no longer permitted to operate with cryptocurrencies, and must therefore only refer to the specified fiat alternatives for deposits, withdrawals and prizes.

At the beginning of February, Tax authorities published a list of at least 250,000 people who did not comply with their tax obligations in 2023, including those who allegedly traded cryptocurrencies and did not file the corresponding returns.

Moreover, late last year, President Luiz Inácio Lula da Silva signed a bill that introduces taxes on digital currency funds held abroad by Brazilian users, setting a 15% rate for such purposes.

Regarding derivative products, recently BlackRock reported that his iShares Bitcoin Trust (IBIT), his ETB Bitcoin cash, will begin to be listed on the Brazilian stock exchange. It is a product specially adapted for this market in partnership with B3, one of the main stock market operators in the country.

Article by Angel Di Matteo / Bitcoin Diary

Picture of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be appropriate for retail investors, as the total amount invested could be lost. Check the laws of your country before investing.