Brazil’s CVM has approved the Hashdex Nasdaq XRP Index Fund, marking the world’s first XRP ETF. This allows institutional investors to engage with Ripple’s cryptocurrency without self-custody. Brazil continues to lead in cryptocurrency regulation and innovation since it also previously approved Bitcoin and Ethereum ETFs.
Brazil has made a significant stride in the cryptocurrency space, with its Securities and Exchange Commission (CVM) approving the Hashdex Nasdaq XRP Index Fund. This fund marks the world’s first exchange-traded fund (ETF) specifically for XRP, enabling institutional investors to access Ripple’s cryptocurrency without the complexities of self-custody.
The introduction of this XRP ETF indicates Brazil’s progressive attitude toward cryptocurrency investments. Managed by Hashdex and Genial Investimentos, this fund is in its pre-operational phase and demonstrates Brazil’s continued commitment to providing innovative financial products in the cryptocurrency domain.
Brad Garlinghouse, CEO of Ripple, expressed enthusiasm for the ETF’s approval, while Silvio Pegado, Ripple’s Regional Director for Latin America, highlighted Brazil’s foresight in the crypto market. He noted that Brazil previously approved one of the first Bitcoin ETFs in 2021, showcasing a trend of regulatory advancement in the region.
Pegado stated that Brazil remains open to regulation and public consultation efforts, positioning itself as a leader in cryptocurrency innovation. The country has also seen the introduction of Ethereum and Solana-based ETFs, which have recently performed well amid a surge in crypto market activity.
While Brazil is forging ahead with these financial instruments, the U.S. is still in the process of evaluating similar applications for cryptocurrency ETFs. Several firms have submitted proposals, but they await approval or rejection from the U.S. Securities and Exchange Commission.
In summary, Brazil is leading the charge in cryptocurrency ETF approvals, with the CVM granting permission for the world’s first XRP ETF. This reflects the country’s open and innovative approach to financial regulation in the crypto space, positioning it favorably alongside its previous accomplishments with Bitcoin and Ethereum ETFs. Meanwhile, the U.S. remains behind as it deliberates on similar proposals.
Original Source: news.bitcoin.com
