Bybit moves to Brazil following Senate cryptocurrency regulation approval

Bybit said on Thursday that it is debuting in Brazil and forming a dedicated team to provide cryptocurrency trading and services to Brazilians.

Customers will be able to make purchases in Brazilian real through the Central Bank of Brazil's quick payment platform Pix, which shifted its headquarters from Singapore to Dubai earlier this month.

Spot trading, earning products, including dual asset investments, and access to its NFT marketplace will also be available.

While use in Brazil was previously unrestricted, and the firm began selling crypto staking through Pix in December of last year, this is the company's first official foray into the country.

The move comes after regulatory difficulties hindered several exchanges' capacity to function in many nations last year.

As a result, it's no surprise that the country is now entering markets where regulation is a priority.

The Brazilian Senate passed a bill regulating cryptocurrency transactions earlier this week, but it still needs to be approved by the Chamber of Deputies and signed into law before it can be implemented.

This is expected to happen before the end of the year, giving crypto assets a defined regulatory framework.