Photo: MBM, Unsplash.
The Brazilian stock exchange may enter the cryptoactive segment. That’s what B3 CEO Gilson Finkelsztain said, in an interview with the Seu Dinheiro portal. For him, it’s interesting for B3 to look at tokens for non-digital assets, such as artwork, real estate and cars.
In addition, the institution is studying the launch of cryptocurrency derivatives. These are contracts whose price is linked to an asset, that is, it derives from that asset. For example, the cryptocurrency futures that the Chicago Board trades. Recently, B3 hired Fulvio Xavier, one of those responsible for blockchain at EY.
Today, B3 trades five cryptocurrency-linked index funds from Hashdex and QR Capital. “We are bringing several crypto products into B3. We already have more than 160,000 investors in the five ETFs,” he said.
However, Finkelsztain criticized companies that call themselves cryptoactive exchanges. “Actually, they aren’t scholarships, because they don’t have any rules. They are actually cryptocurrency brokers, and they have absolutely no regulation. The operating cost is much higher and the investor protection is much lower. It costs 50 times more to trade cryptocurrencies than shares. And then they say the bag is expensive…”
Executives from the traditional financial market moved to cryptocurrencies and now compete with the stock market. For example, the CEO of the ATM group, Roberto Dagnoni, which owns the Bitcoin Market, and the CEO of the company, Reinaldo Rabelo.
Stock tokens within decentralized finance (DeFi) protocols do not appeal to B3, according to its CEO. That’s because they already exist. “It’s easy to buy a share or fraction of a share in Vale.” But, he stated that the exchange has something to learn in DeFi and defended regulation for the sector.
One way or another, the scholarship needs to study DeFi, because the Central Bank is studying this as part of the digital real project.