Brazil strengthens crypto adoption as Itaú Asset unveils dedicated division
Brazil’s largest asset manager, Itaú Asset Management, has launched a dedicated crypto division to develop crypto investment funds, ETFs, and custody solutions.
The new crypto arm will be headed by João Marco Braga da Cunha, former executive at Hashdex, and will focus on bond-like products.
Currently, Itaú Asset allows users to directly trade 10 cryptocurrency pairs through its mobile platform, including assets such as Bitcoin, Ethereum, Solana, and USD Coin, while also providing internal custody services.
Now, the firm is expanding its crypto product lineup, stating that the new unit will work on solutions including bond-like instruments as well as higher-volatility products such as derivatives and staking-based instruments. It will also operate within Itaú Asset’s fund structure, which manages more than 117 billion reais (over $21 billion) across 15 departments.
“The crypto asset segment has unique characteristics for generating alpha investments. It is a relatively new market that creates great opportunities thanks to its volatility,” said Braga da Cunha.
Brazil has been actively developing crypto products, with Chainalysis ranking the country 10th globally for crypto adoption in 2024.
Active crypto policy, not without obstacles
The country’s crypto growth is largely supported by government policy. In 2023, Brazil passed a national cryptocurrency law establishing a framework for companies dealing with virtual assets and granting the Central Bank regulatory authority.
In December 2023, shortly after the law came into effect, Itaú Unibanco even introduced crypto trading for retail investors, initially supporting Bitcoin and Ethereum.
In February 2025, the Brazilian securities regulator also approved the launch of the country’s first spot XRP ETF, powered by Hashdex. Soon after, Braza Bank announced plans for a stablecoin pegged to the real on XRP Ledger.
However, regulatory challenges remain. In June, Brazil revised its tax rules, replacing a progressive system with a flat 17.5% capital gains tax on cryptocurrencies. The reform also removed a long-standing exemption of up to 35,000 reais ($6,500) per month and expanded taxation to include self-custody, offshore assets, DeFi activity, NFTs, and staking rewards. The presidential decree drew strong criticism and was soon overturned.
As we wrote, Brazil plans to allocate 5% reserves to Bitcoin
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