itaú

I was getting sleepy from staring at the markets all night when I came across some real news from Brazil: Itaú Unibanco, Brazil’s largest private bank, with around 70 million customers, has officially notified the central bank that it offers crypto trading and custody.

Under the new rules, Resolution 520, it’s the first bank to do so.
It filed on October 27; the deadline was the 30th.
It’s been letting customers buy and sell crypto since December 2023, and currently lists around 15 assets, including BTC, ETH, and USDC.
Just to be clear, this is a notification, not a new license—the bank already has its license; it’s following the notification route.

My first reaction: the big banks over in South America are lining up to get their paperwork stamped too 😂
All us old crypto hands knew the electric cars over there were impressive, but I didn’t expect the big institutions to only be getting their paperwork in order now.

Whether we get a taste of the action is another matter, but at least it shows the big banks don’t want to miss this train.
Let’s see how many others follow.

#Itaú #巴西 #CryptoRegulation