Brazilian MP proposes draft bill allowing Brazilian funds to invest in cryptocurrencies

PANews reported on February 6 that according to Cryptonews, Brazilian MP Adriana Ventura proposed a bill that would allow Brazilian investment funds to directly invest in crypto assets such as Bitcoin. This measure will “provid a regulated safe environment”. Adriana Ventura said this will allow the fund to “expand its portfolio diversify.” The main focus of the bill is to allow investors to make up for losses and increase the exemption limit for net earnings in stock-related transactions. But the draft bill also includes a provision that allows “investment funds registered in Brazil” to purchase cryptocurrencies from companies registered and operated in the country. Currently, major Brazilian institutional investors are unable to directly invest in cryptocurrencies. Some believe this is out of sync with the fact that Brazil's retail cryptocurrency market is rapidly expanding. Many claim that the Brazilian cryptocurrency market is the largest market in the entire Latin American region.