Bitcoin News and Finance Latam Insights: Unlicensed Crypto Exchanges Still Allowed to Operate in Brazil, Lightning Strikes Salvadoran Bitcoin ATMs Skip to main content

Latam Insights: Unlicensed Crypto Exchanges Still Allowed to Operate in Brazil, Lightning Strikes Salvadoran Bitcoin ATMs

Latam Insights: Unlicensed Crypto Exchanges Still Allowed to Operate in Brazil, Lightning Strikes Salvadoran Bitcoin ATM's

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.

Central Bank of Brazil Clarifies Exchanges Still Don’t Need Licenses to Operate

The Central Bank of Brazil issued a statement clarifying the state of the cryptocurrency regulation in the country regarding the operation of unlicensed exchanges. In its 40,874 communication, the bank revealed that the conditions and deadlines for virtual assets services providers (VASPs) to adapt to Brazil’s cryptocurrency law would be established in a normative act later.

Furthermore, João André Calvino Marques Pereira, head of the financial system regulation department of the bank, revealed that crypto platforms can still operate without a license during this period.

In the bank’s document, Calvino Marques stated:

Until the normative act on the matter comes into force, virtual asset service providers will be able to operate independently of prior authorization from the Central Bank of Brazil.

Salvadoran Bitcoin ATMs to Support Lightning Network

The ATMs of the Salvadoran Chivo network will integrate Lightning Network (LN) support. Matias Goldenhorn, CEO of Athena Bitcoin, the company that provides these ATMs to El Salvador, declared that they plan to have 100 Bitcoin ATMs supporting LN transactions by year’s end.

Nonetheless, Goldenhorn recognized that including LN support for all Bitcoin ATMs in El Salvador would take Athena at least two or three months more. Athena’s Bitcoin ATMs in other countries will be updated in 2024.

Only a small number of all the Bitcoin ATMs in the world have integrated LN transactions, so for Greenhorn, Athena’s move is a “revolution,” given that now Salvadoran users will be able to benefit from the low fees of the platform and the added privacy of not having their transactions registered on the Bitcoin blockchain.

Trubit Raises $6.25 Million to Expand Crypto Adoption in Latam

Galactic Holdings, the parent company of Trubit, a cryptocurrency exchange platform, raised $6.25 million in Series A funding round. Led by Galaxy Interactive and Dragonfly, the round will allow the company to expand its operation in Latam, focusing especially on payment services for retail and institutional customers.

Maggie Wu, cofounder and CEO of Trubit, thanked investors for their support, stating that the company was committed to “further expanding our presence in more Latin American countries to make cryptocurrency services accessible to everyone in their daily necessities, more simply and conveniently.”

To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below.

What do you think about this week’s Latam Insights report? Tell us in the comment section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory