BeInCrypto complete Latam Crypto Roundup brings Latin America’s most necessary information and traits. With reporters in Brazil, Mexico, Argentina, and extra, we cowl the most recent updates and insights from the area’s crypto scene.
This week’s roundup covers the spot Solana ETF launch in Brazil, an investigation by Colombia’s Superintendence of Trade and Commerce into Worldcoin’s operations, and extra.
Brazil Takes Lead in Solana ETF Race
Whereas the prospect of a Solana ETF (SOL) within the US stays unsure, Brazil is transferring forward confidently. QR Asset Administration introduced that its Solana ETF might be obtainable for public providing beginning Wednesday, August 21. The ETF is ready to be listed on Brazil’s B3 inventory alternate on August 28.
Earlier this month, the Brazilian Securities Fee (CVM) authorised the ETF, named QSOL11. Managed by Vortx, the fund will observe the CCME CF Solana Greenback Reference Fee. The index, developed by CF Benchmarks and the Chicago Mercantile Trade (CME), ensures dependable Solana pricing.
This launch marks one other milestone for QR Asset, which already gives crypto-related merchandise like QBTC11 and QETH11. The corporate views the brand new ETF as a regulated possibility for each institutional and retail buyers in Brazil.
“As a market player, it is reassuring to have Brazilian regulators so attentive and open to the evolution of the crypto ecosystem in a regulated environment. The new ETF represents yet another regulated option for institutional and retail investors to diversify their portfolios and choose the ideal composition of their investments in the sector,” QR Asset Administration CIO Theodoro Fleury said.
Learn extra: Solana ETF Defined: What It Is and How It Works
QR Asset isn’t the one agency engaged on a Solana ETF in Brazil. The CVM has additionally authorised one other Solana ETF, backed by Hashdex in partnership with BTG Pactual. Hashdex, which manages over $962 million in property, has already launched a number of ETFs on B3.
Matter Labs Expands zkSync Operations into Latam
Matter Labs, the developer behind the Ethereum Layer-2 (L2) scaling resolution zkSync, introduced its growth into Latin America, beginning with a headquarter in Buenos Aires, Argentina. The brand new workplace goals to help native tasks whereas driving zkSync’s progress within the area.
The protocol has seen rising adoption in Argentina, highlighted by integrations with platforms just like the Lemon alternate and QuarkID, a digital identification system constructed on zkSync. These partnerships are set to catalyze zkSync’s affect throughout Latin America within the coming months.
Matter Labs’ CEO Alex Gluchowski and President Nana Murugesan plan to go to Buenos Aires in August to fulfill with key leaders, decision-makers, policymakers, and crypto entrepreneurs. The objective is to discover collaboration alternatives and higher perceive the area’s monetary state.
“Argentina has become the springboard for our regional expansion, and I’m excited for the next phase of Matter Labs’ journey to bring millions of developers and the next billion users to the blockchain,” Murugesan said.
Learn extra: A Newbie’s Information to Layer-2 Scaling Options
Matter Labs highlighted that zkSync companions like Lambda Class and OpenZeppelin are positioning L2 options in Latin America. They described Argentina’s crypto ecosystem as “vibrant” and a key launchpad for Web3 tasks within the area.
Salvadoran FinTech DitoBanx Enters Mexico
El Salvador-based FinTech firm DitoBanx is coming into the Mexican market to supply monetary providers, together with worldwide transfers, digital bank cards, greenback accounts, cryptocurrency entry, and tokenization. After acquiring its working license in El Salvador in April 2023, the corporate has prolonged its attain to Guatemala, the US, Costa Rica, Panama, and now Mexico in 2024. The corporate highlighted a 50% progress in monetary expertise app utilization in Mexico over the previous 4 years.
DitoBanx’s choices in Mexico will embrace DitoWallet and bank card providers for on a regular basis transactions. The corporate may even supply tokenization providers to transform bodily or digital property into tokens.
“With a firm belief that financial well-being is the foundation of a prosperous society, DitoBanx enters Mexico offering personalized service available 24/7, 365 days a year,” stated Guillermo Contreras, CEO and founding father of DitoBanx.
Learn extra: Crypto vs. Banking: Which Is a Smarter Alternative?
The corporate has reportedly invested $3 million in its Mexican operations, the place cellular banking customers have grown from 1.5 million in 2013 to 80 million by 2023.
Contreras highlighted the dedication to Mexico’s financial and technological progress. He additionally famous that they plan to combine the digital Mexican peso and goal to function beneath the authorized framework of a Sociedad Financiera In style (Sofipo) by 2025.
Peru Declares Struggle on Cryptocurrency Crime
Peruvian authorities are ramping up efforts to fight cryptocurrency-related crime. Whereas technological developments and rising curiosity in cryptocurrencies have spurred their use, they’ve additionally introduced issues about potential legal actions. Juan Carlos Villena Campana, Peru’s Public Prosecutor, has taken a agency stance on addressing these challenges.
Talking at a workshop organized in collaboration with the US Division of Justice, Villena highlighted the significance of preserving tempo with technological modifications. He famous that whereas cryptocurrencies supply advantages like decentralization, in addition they pose dangers because of the anonymity they afford, which might be exploited for unlawful actions.
“The rapid evolution of technology and the growing adoption of cryptocurrencies have created new avenues for criminal activity, presenting fresh challenges to cybersecurity that threaten society,” Villena stated in an interview with native media.
Learn extra: 15 Most Widespread Crypto Scams To Look Out For
The Peruvian Public Prosecutor’s Workplace has dedicated to main efforts in opposition to these crimes, working in collaboration with different Latin American nations and worldwide organizations just like the Group of American States (OAS).
Rodrigo Silva from the OAS echoed Villena’s issues, stressing the necessity for regulation enforcement to remain up to date on technological developments to sort out the more and more advanced nature of cybercrime, even when it happens on blockchain networks.
Colombia Investigates Worldcoin for Alleged Information Safety Violations
The Colombian Superintendence of Trade and Commerce (SIC) has launched an investigation into Worldcoin and Instruments for Humanity Company, the platform behind WLD, for allegedly violating private information safety legal guidelines. The investigation, initiated by decision N. 46436, focuses on making certain that Worldcoin’s information processing practices adjust to Colombia’s laws on delicate private information.
The SIC is particularly involved with Worldcoin’s transparency in dealing with private information, the implementation of safety insurance policies, and the existence of inside procedures for addressing complaints and queries from Colombian residents. The regulator emphasised the significance of making certain that the group stays cautious about sharing their private information.
“The SIC del Cambio is committed to protecting the fundamental rights of citizens and advises the community to exercise caution with their personal data. This decision is in the process of being notified and will be signed once it is known by the involved parties. No appeal can be lodged against this decision,” the SIC said.
Learn extra: What Is Worldcoin? A Information to the Iris-Scanning Crypto Mission
As of now, neither Worldcoin nor Instruments for Humanity Company has commented on the investigation. Nevertheless, if violations of knowledge safety legal guidelines are confirmed, Worldcoin may face hefty fines and even be banned from working in Colombia.
The Superintendency clarified that potential sanctions beneath Article 23 of Regulation 1581 of 2012 may embrace fines of as much as 2,000 present authorized month-to-month minimal wages, the suspension of actions for as much as six months, the non permanent closure of operations after the suspension, or the speedy and definitive closure of operations involving the processing of delicate information.
Because the Latam crypto scene grows, these tales spotlight the area’s rising affect within the international market. Keep tuned for extra updates and insights in subsequent week’s roundup.
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In adherence to the Belief Mission tips, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to offer correct, well timed data. Nevertheless, readers are suggested to confirm details independently and seek the advice of with an expert earlier than making any choices primarily based on this content material. Please word that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
