Central Bank of Brazil Confirms Unlicensed Exchanges Can Still Operate
The Central Bank of Brazil has clarified that unlicensed cryptocurrency exchanges can continue to operate in the country. In a statement, the bank revealed that the specific conditions and deadlines for virtual assets service providers (VASPs) to comply with Brazil’s cryptocurrency law will be established in a normative act at a later date.
The head of the financial system regulation department, João André Calvino Marques Pereira, stated that crypto platforms can operate without a license during this period. Until the normative act comes into force, virtual asset service providers will be able to operate independently of prior authorization from the Central Bank of Brazil.
El Salvador to Integrate Lightning Network Transactions in Chivo ATM Network
The ATMs of El Salvador’s Chivo network will integrate Lightning Network (LN) support. Athena Bitcoin, the company providing these ATMs, plans to have 100 Bitcoin ATMs supporting LN transactions by the end of the year. It is expected to take Athena at least two or three more months to include LN support for all Bitcoin ATMs in El Salvador. Athena’s Bitcoin ATMs in other countries will be updated in 2024.
Athena’s move is considered revolutionary as it will allow Salvadoran users to benefit from low fees and added privacy when using LN transactions.
Trubit Raises $6.25 Million to Expand Crypto Adoption in Latam
Galactic Holdings, Trubit’s parent company, has raised $6.25 million in Series A funding round. The investment led by Galaxy Interactive and Dragonfly will enable Trubit to expand its operations in Latam, particularly focusing on payment services for retail and institutional customers.
Maggie Wu, cofounder and CEO of Trubit, expressed gratitude for the support and emphasized the company’s commitment to expanding cryptocurrency services throughout Latin America to make them more accessible and convenient for everyone’s daily needs.
Hot Take: Cryptocurrency News in Latin America
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Central Bank of Brazil confirms that unlicensed exchanges can still operate in the country; El Salvador will integrate Lightning Network transactions in its Chivo ATM network; and Trubit raises $6.25 million to expand crypto adoption in Latam.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.