Brazil may soon debut the world’s first spot XRP exchange-traded fund (ETF) after Hashdex’s XRP fund received regulatory approval from the Brazilian Securities and Exchange Commission (CVM).
Now in its pre-operational phase, the Hashdex Nasdaq XRP Index Fund is expected to trade on Brazil’s B3 exchange, though a launch date is yet to be announced.
This comes as the U.S. SEC reviews multiple spot XRP ETF applications from firms like 21Shares, Bitwise, Grayscale, and CoinShares. The SEC is also considering spot ETFs for Solana and Litecoin.
Brazil, Latin America’s largest economy, has embraced crypto regulation, leading to widespread adoption. The country hosts multiple Bitcoin ETFs and allows banks to offer crypto investment options. A Chainalysis report found that between July 2023 and June 2024, Brazilian traders deposited nearly $90 billion in digital assets.
These developments reflect a shift in crypto regulations, with the SEC establishing a dedicated task force to clarify digital asset classifications. Meanwhile, Ripple remains in a legal battle with the SEC over whether XRP was sold as an unregistered security.
Following the news, XRP surged 7% in the past 24 hours, reaching $2.70, according to CoinMarketCap.
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