An alternative draft tied to bill PL4501/2024, introduced within the Economic Development Commission of Brazil’s Chamber of Deputies, proposes the creation of a “National Strategic Bitcoin Reserve” (RESBit). If adopted, the initiative could mark one of the most ambitious state-level Bitcoin accumulation strategies to date.

A Five-Year Plan to Accumulate 1 Million Bitcoin

Under the proposal, the Brazilian government would gradually accumulate at least 1 million BTC over a five-year period. The rationale behind the plan centers on strengthening financial resilience, diversifying national reserves, and enhancing Brazil’s competitiveness in the evolving digital asset economy.

The envisioned RESBit structure would position Bitcoin as either an alternative or complementary asset to traditional reserves such as foreign currencies and gold. In this framework, Bitcoin would move beyond its role as a speculative investment and be formally recognized as a strategic reserve instrument at the state level.

Beyond Reserves: Expanding the Bitcoin Ecosystem

The draft proposal extends well beyond reserve accumulation. It outlines broader measures aimed at fostering a supportive digital asset environment across the country.

Key elements include:

• Allowing taxes to be paid using Bitcoin.

• Granting income tax exemptions on capital gains derived from digital assets.

• Legally safeguarding individuals’ rights to self-custody and freely transfer their digital holdings.

Collectively, these measures would strengthen digital property rights and promote greater financial autonomy for citizens, while encouraging wider adoption of crypto assets.

A Turning Point for Latin America?

If Brazil ultimately implements a strategic Bitcoin reserve of this scale, it could usher in a new phase of state-level crypto adoption across Latin America. Such a move would likely intensify global discussions around the role of digital assets in sovereign reserve management.

For now, the proposal remains under committee review. To become law, it must pass approval processes in both the Chamber of Deputies and the Senate. Regardless of the outcome, the initiative highlights how digital assets are increasingly entering mainstream policy debates at the highest levels of government.

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Global Uncertainty Reshapes Portfolio Thinking

In its latest research note, Brazil Itaú Asset highlights an increasingly complex global environment. Rising geopolitical tensions, shifting monetary policies, and persistent currency risks are challenging traditional portfolio structures. Against this backdrop, alternative assets are gaining relevance.

Renato Eid, Strategy Director at Itaú Asset, describes Bitcoin as a complementary investment rather than a replacement for conventional assets. He emphasizes that Bitcoin operates under a different set of dynamics compared to fixed-income instruments, equities, or domestic markets. Its decentralized and global nature, Eid argues, gives it the potential to function as a hedge against currency-related risks.

Volatility Does Not Eliminate Strategic Value

Bitcoin’s recent price history has been anything but stable. The asset entered 2025 near ninety-five thousand dollars, declined toward eighty thousand dollars amid trade-related uncertainty, then surged to an all-time high of one hundred twenty-five thousand dollars before stabilizing again around previous levels.

Despite these sharp fluctuations, Itaú Asset maintains that volatility alone should not disqualify Bitcoin from long-term portfolios. The bank stresses that the objective is not short-term price appreciation, but the structural benefits Bitcoin can provide when held in small, controlled proportions. Low correlation with traditional asset classes remains central to this argument.

Currency Effects and the Brazil Perspective

The report also notes that Brazilian investors have experienced Bitcoin’s volatility more intensely than many global peers. The Brazilian real appreciated by roughly fifteen percent over the past year, amplifying local currency losses for Bitcoin holders. Even so, Eid points to internal data showing that BITI11, Itaú’s locally listed Bitcoin ETF, has demonstrated low correlation with other major asset classes.

This characteristic, he explains, supports the case for modest Bitcoin exposure as a way to balance portfolio risks that traditional instruments may fail to address.

Institutional Commitment to Digital Assets

Itaú Asset’s recommendation aligns with its broader strategic move into digital assets. In September, the firm established a dedicated crypto-focused division led by former Hashdex executive João Marco Braga da Cunha. Beyond its existing Bitcoin ETF and crypto-linked retirement products, Itaú plans to expand into a wider range of offerings, including derivatives, staking strategies, and structured products.

Rather than framing Bitcoin as a speculative gamble, Itaú positions it as a disciplined portfolio component with specific diversification benefits. This measured approach reflects a broader shift within traditional banking toward structured and institutional engagement with digital assets.

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As the project gains momentum with major financial backing, concerns around privacy and regulation are just as swiftly rising.

Massive Investment: $135M To Scale Operations

Worldcoin has secured a massive $135 million funding round from top venture firms Andreessen Horowitz and Bain Capital Crypto. The funding will boost the deployment of iris-scanning devices and expand the digital ID infrastructure, especially across the United States, where the company plans to operate in six cities.

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According to the official announcement, more than 12.5 million individuals across 160 jurisdictions have already received a World ID, based on iris biometric data.

Rising Regulatory Pressures: Bans From Brazil and Indonesia

However, not all countries welcome the project. Brazil’s National Data Protection Authority (ANPD) banned Worldcoin’s services in January over ethical concerns tied to offering crypto rewards in exchange for biometric data. This ban was reaffirmed in March, with the company facing fines of 50,000 Brazilian reais (8,851$) per day if it continues operations.

In Indonesia, the Ministry of Communications and Digital (Komdigi) suspended Worldcoin’s license on May 4, citing violations tied to operating without registering as a licensed digital asset provider. An investigation has been launched into the company’s activities.

EU Watchdog Steps In: Data Must Be Deletable

Before these bans, the Bavarian State Office for Data Protection in Germany warned the company to comply with EU data protection laws, specifically requiring that users must have a clear option to delete their biometric data at any time.

Despite these hurdles, Altman’s vision continues to attract deep-pocketed investors, signaling that the digital identity space is set to be one of the next battlegrounds for tech, ethics, and global regulation.

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Treasury Strategy Formalized 

Méliuz reported that it purchased 274.52 BTC at an average cost of $103,604. With this move, the company’s total holdings reached 320.25 BTC. The initial purchase of 45.73 BTC in March is also included in this total. The company’s BTC assets are currently valued at over $33 million. Brazil is among the leading countries in Latin America for cryptocurrency adoption. Méliuz’s step further matures the country’s cryptocurrency ecosystem. Operating in payment systems and digital finance, the company sets an example for other firms by holding Bitcoin as a treasury asset. 

Méliuz clearly articulated its mission within the scope of this strategic transformation: 

“The core mission of a Bitcoin Treasury Company is to accumulate BTC in a value-added manner for shareholders by utilizing cash generation, corporate structures, and capital market mechanisms, while increasing exposure to the asset over time.” 

Bitcoin Positioned as a Value-Enhancing Tool 

While traditional companies typically allocate a portion of their cash reserves to Bitcoin to hedge against inflation, Méliuz adopted a different strategy. The company views BTC not only as a hedge but as a direct source of value creation: 

“Instead of allocating a portion of its cash to BTC as a hedge against inflation or currency devaluation, the company has repositioned its strategy to maximize the amount of Bitcoin per share.” 

Chairman of the Board Israel Salmen commented on the development: 

“This is a historic day for our company. We are now the first Bitcoin Treasury Company listed in Brazil.” 

Historic day! Our shareholders have approved, by a wide majority, the transformation of Méliuz into the first Bitcoin Treasury Company listed in Brazil.

And today, we took another step forward:
Acquired 274.52 BTC for US$ 28.4M
Average price: US$ 103,604
Achieving a BTC Yield of… pic.twitter.com/y12JlKwW6N

— Israel Salmen (@IsraelSalmen) May 15, 2025

Méliuz CEO Israel Salmen described the decision as “a historic day.” This step is not just a measure against inflation but also aims to increase the amount of Bitcoin per share. 

Additionally, Bahrain-based Al Abraaj Restaurants Group became the first publicly traded company in the Middle East to adopt BTC as a treasury asset. The company initially purchased 5 BTC and announced plans to increase this amount as part of a long-term digital transformation strategy. 

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Cryptos Recognized as Value Store and Payment Tool

Although not legal tender, the court declared that crypto can act as a valid store of value and payment method. This decision follows growing crypto use across Brazil despite a lack of full regulatory clarity.

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According to Chainalysis, Brazil ranks second in Latin America in crypto adoption by value received. Millions of Brazilians are using crypto to hedge against inflation and diversify portfolios.

Binance Gets Green Light to Operate

Major crypto exchange Binance has obtained regulatory approval in Brazil after acquiring a local investment firm. Binance says Brazil is making “real progress” in building a regulatory framework expected to be completed by mid-2025.

While adoption rises, Brazil’s central bank has proposed bans on stablecoin transactions via self-custodial wallets. Experts warn these restrictions may not affect decentralized transactions and could be hard to enforce.

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New Bill in Brazil Regulates Crypto Salary Payments

Brazilian lawmakers are considering a new bill that would officially authorize employers to pay salaries using cryptocurrencies like Bitcoin.

Federal Deputy Luiz Philippe de Orleans e Bragança has introduced a bill proposing the regulation of crypto payments for wages, remunerations, and labor benefits.

Filed on March 12, the PL 957/2025 bill legalizes voluntary and partial salary payments in cryptocurrencies like Bitcoin (BTC), but requires employers to pay part of the salary in Brazilian real.

A member of Brazil’s former royal family, Orleans-Bragança is serving his second term as a federal deputy from São Paulo and supports the Truth Social social media platform owned by U.S. President Donald Trump.

Full Crypto Payments Banned, Capped at 50%

The proposed bill prohibits employers from paying salaries entirely in cryptocurrency, capping such payments at 50%.

“Salary payments in virtual assets are prohibited,” but exceptions can be made for expatriate or foreign employees under the regulations of the Central Bank of Brazil.

The bill also allows full crypto payments for “independent service providers,” subject to specific contractual provisions.

Additionally, the portion of the salary paid in Brazilian real must be at least 50% of the total salary.

The conversion of the amount paid in crypto must follow the exchange rate established by an institution authorized by the Central Bank of Brazil.

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Although an official trading date has not been announced yet, fund manager Hashdex mentioned that more information will be provided soon. Hashdex offers a variety of crypto ETFs in Brazil, including Bitcoin, Ethereum, Solana, and funds focused on DeFi, Web3, and the Metaverse.

This development in Brazil parallels the recent approval of XRP ETF filings by the SEC in the United States, with filings from Nasdaq and Cboe BZX exchanges. XRP prices responded by rising 7.8%, reaching $2.72. The coin is currently only 20% away from its all-time high.

Brazilian Bank to Launch Stablecoin on XRPL

Meanwhile, Braza Group, a key player in Brazil’s interbank market, is working on launching a Brazilian real-pegged stablecoin on Ripple‘s blockchain, the XRP Ledger. Marcelo Sacomori, CEO of Braza Group, stated in a February 19 announcement:

“We are committed to offering a stablecoin that not only meets but exceeds the highest security and compliance standards.”

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The stablecoin, named BBRL, will be backed by Braza Bank, a company specializing in foreign exchange services and international payments. While Braza Bank isn’t among the top 10 banks in Brazil by assets and deposits, it claims to be the largest exchange bank in the country.

Launch and Future of the Stablecoin

The BBRL stablecoin is set to launch in the first quarter of 2025 and will initially be available to institutional clients. Sacomori stated:

“By the end of next year, we expect BBRL to capture about 30% of the market in Brazil.”

DREX, a Brazilian central bank blockchain initiative, is also in progress, with Braza Group participating. DREX is working on asset tokenization, cross-border payments, and a potential central bank digital currency (CBDC).

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For Brazil, the publishing of ETHA39 signals a turning moment because it will let them lead in the adoption of cryptocurrency ETFs. This new product enables investors exposure to Ethereum by using BDRs on the B3 exchange, each representing BlackRock’s iShares Ethereum Trust (ETHA) from the U.S. market.

BlackRock’s ETHA39 has a management fee of 0.25%; during the first year, this is briefly cut to 0.12% for the first $2.5 billion in assets. BlackRock’s ETHA recently became the first Ethereum ETF to surpass $1 billion in net inflows at the launch, therefore attesting to its market leadership.

In addition to ETHA39, BlackRock has published a spot Bitcoin ETF in Brazil as IBIT39 which also, expands a firm’s digital asset presence there. In contrast to the challenges Ethereum ETFs encounter in the United States because of the legislative limitations, which slow down the progress and lead to net outflows, this rise reveals Brazil’s increasing supremacy in the sphere of crypto ETFs.

With ETHA39, it is seen that Brazil remains actively engaged on the international stage of the digital asset market even if regulating it can pose some issues for the country in terms of crypto ETF market.

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The approval, granted by the Brazilian Securities and Exchange Commission (CVM), has propelled Solana to the third-largest cryptocurrency by market capitalization, surpassing BNB. This is a testament to the growing institutional interest in Solana and its underlying technology.

The ETF, which will be offered to investors by Brazilian asset management firm QR, tracks the CME CF Solana Dollar Reference Rate, ensuring accurate pricing. This rate is supported by the Chicago Mercantile Exchange (CME) and CF Benchmarks.

While Brazil has embraced cryptocurrency ETFs, the regulatory landscape in the United States remains more complex. The Securities and Exchange Commission (SEC) has historically taken a cautious approach to cryptocurrencies, viewing many as securities. However, recent public pressure has led to the approval of Ether spot ETFs, despite initial resistance from the SEC.

Solana has been a particular focus for the SEC due to its classification as a security. While the SEC is expected to face more resistance in approving a Solana ETF, the upcoming US presidential election and the possibility of a new SEC chair could shift the regulatory landscape.

The increased interest in Solana has been fueled by a surge in popularity for Solana-based meme coins. This has driven significant growth in the Solana ecosystem, attracting users to wallets and decentralized exchanges built on the network.

Solana’s price has rebounded significantly from its 2022 low of $8, currently trading at around $155. This upward trend reflects the growing confidence in Solana and its potential as a major player in the cryptocurrency market.

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Brazil‘s central monetary authority has announced that the development of its cryptocurrency regulatory framework will be divided into several phases. The phased implementation will provide much-needed clarity for token creators and virtual asset service providers (VASPs) while effectively delaying the country’s plans to regulate the rapidly growing digital asset industry.

The Central Bank of Brazil has outlined at least three steps to improve its cryptocurrency regulatory framework. These steps include holding a public consultation on rules for the business activities of digital asset providers and developing and improving a complementary framework for regulating the operations of VASPs in Brazil. As part of the framework development process, the central bank also plans to conduct internal planning regarding stablecoin regulations.

The central bank’s latest announcement indicates that Brazilian authorities are committed to providing regulatory clarity for digital asset providers, while signaling that cryptocurrency regulations will come later than previously thought. Brazilian Central Bank Regulatory Director Otavio Damaso told a congressional hearing last year that plans for cryptocurrency regulations would be completed by this June.

Brazil has increased its efforts to regulate cryptocurrencies in the last two years. In 2022, the country’s legislature passed a law giving the Central Bank of Brazil authority over digital asset regulation. Last December, banking authorities launched a public consultation on this issue.

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