According to Decrypt, Brazil's main stock exchange, B3, plans to launch night trading sessions later this year, featuring Bitcoin ETFs and Ibovespa futures. The move aims to cater to the increasing demand from individual investors for more flexible trading options. In addition to Bitcoin, B3 will open trading for Ibovespa ETFs, the country's equivalent to the U.S. S&P 500. Gilson Finkelsztain, President of B3, stated that the extended trading hours are a test to determine their impact on liquidity.
Brazil has been a leader in embracing cryptocurrency, with the most crypto ETFs in the Americas. The country's first crypto ETF, HASH11, was approved in 2021, setting a precedent in the region. In contrast, the United States only recently approved its first spot Bitcoin ETF in January 2023. Finkelsztain also mentioned that B3 is considering extending its normal trading sessions for an additional hour and aims to increase its liquidity as a strategic goal for this year.
Major Brazilian banks and brokers are actively exploring blockchain and crypto-oriented business models. Brazil's Central Bank is testing its own CBDC, the DREX, which will run on a distributed ledger. Several key banks have developed partnerships or proprietary brokers to offer Bitcoin funds and ETFs to the general public. The regulatory environment in Brazil has also been conducive to this growth, with cryptocurrencies officially approved as a means of payment during the last days of President Bolsonaro's administration.
