Itau Unibanco, Brazil’s Largest Bank, Boldly Enters Crypto Arena with BTC and ETH Trading & Custody Services
Itau Unibanco Dives into Crypto Trading Amidst Competitive Market
In a striking move, Itau Unibanco, Brazil’s largest banking institution, has announced the launch of cryptocurrency trading services for its customers. This development comes as the bank steps into the fiercely competitive field, joining forces with local crypto exchanges like MB and global players such as Binance and investment bank BTG Pactual.
Initial Focus on Bitcoin and Ethereum
Guto Antunes, the head of Digital Assets at Itau Unibanco, revealed in an interview with Reuters that the bank is starting its foray into the digital currency space by offering trading pairs in Bitcoin (BTC) and Ethereum (ETH). Antunes emphasized that the bank’s strategy includes expanding its offerings to other cryptocurrencies in the future, depending on the regulatory landscape in Brazil.
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Itau’s Edge: Offering Digital Asset Custody Services
Distinguishing itself in the competitive market, Itau Unibanco plans not only to facilitate crypto trading but also to provide digital asset custody services. This move is aimed at ensuring the security of customer funds, a critical aspect given the volatility and risks associated with cryptocurrencies.
Brazil Eyes Taxation on Overseas Crypto Earnings
Interestingly, the Brazilian government has been eyeing the lucrative cryptocurrency market. With the high adoption rate of digital currencies in the country, exemplified by the massive $55 billion trading volume in USDT alone, legislators are keen on tapping into this sector for revenue. The Brazilian Senate passed a new income tax law last month, which, upon approval by President Luiz Inácio Lula da Silva, will impose a 15% tax on citizens earning more than $1,200 from crypto trading on foreign exchanges starting January 1, 2024.
Despite the progress of this bill, Senator Rogério Marinho expressed opposition, criticizing the government for resorting to taxation due to poor administration.
Further reading：Brazil Sets Sights on Cryptocurrency: A New 15% Tax on Overseas Crypto Income to Boost National Revenue
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Keywords: Itau Unibanco, Brazil, Cryptocurrency Trading, BTC, ETH, Digital Asset Custody, Crypto Market, Regulatory Landscape, Taxation on Crypto, Guto Antunes
