According to the Bybit official notification on Thursday, the company is starting in Brazil and establishing a dedicated staff to provide cryptocurrency trading and services to the customers in the country.
Bybit, which recently moved its headquarters from Singapore to Dubai, will allow clients to make buys in Brazilian reals using the Central Bank of Brazil’s rapid payment platform Pix. It will provide spot trading, earnings products such as dual asset investments, and access to its NFT marketplace. Bybit had the third-highest trading volume in March, after only Binance and Coinbase, with about $10 billion in everyday transactions.
While usage in Brazil was previously legal, and the firm began enabling crypto staking via Pix in December last year, this marks the company’s official launch into the country.
Running operations in Brazil was a big challenge for numerous companies last year.
As a result, it is not surprising that the nation is now joining markets where regulation is a focus. The Brazilian Senate passed a measure regulating cryptocurrency transactions earlier this week, but it still has to pass the Chamber of Deputies and be signed into law before it can be applied.
This is likely to occur by the end of the year, providing a clear regulatory framework for crypto assets.
