Bybit expands into Brazil after Senate backing of cryptocurrency regulation

Quick Take

  • Bybit’s launch in Brazil comes after the Senate passed a bill regulating cryptocurrency transactions.
  • It will offer spot trading, earning products including dual asset investments, and access to its NFT marketplace to in-country customers.

Bybit is officially launching in Brazil and setting up a dedicated team to offer cryptocurrency trading and services to those in the country, the company said on Thursday.

Bybit, which moved its headquarters to Dubai from Singapore earlier this month, will allow customers to make purchases in Brazilian real through the Central Bank of Brazil’s instant payment platform Pix. It will also offer spot trading, earning products including dual asset investments, and access to its NFT marketplace.

Bybit boasted the third-biggest trading volume in March behind Binance and Coinbase, with almost $10 billion in daily transactions, according to research by The Block.

While use in Brazil was not previously restricted, and in December last year it started offering crypto staking through Pix, this marks the company’s official entry into the country.

The move follows regulatory issues in several jurisdictions last year, as some exchanges found their ability to operate stymied. 

As such, it is little surprise the country is now entering markets where regulation is on the agenda. Earlier this week, the Brazilian Senate passed a bill regulating cryptocurrency transactions, although it still needs to pass the Chamber of Deputies and be signed into law before being implemented.

This is expected to happen before the end of the year and would provide a clear regulatory framework for crypto assets.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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