Brazil’s securities regulator has registered what may become the first spot XRP exchange-traded fund, marking a milestone for the third-largest cryptocurrency as U.S. investors await similar products in their home market.
The Hashdex Nasdaq XRP Fund has entered a so-called pre-operational phase with Brazil’s Comissão de Valores Mobiliários (CVM), according to a filing. Hashdex, based in Rio de Janeiro, declined to comment on the registration.
The fund’s registration comes at a pivotal moment for the cryptocurrency industry, as U.S. regulators review multiple applications for similar products. The development raises questions about whether American investors can access the Brazilian fund and if this registration could influence the Securities and Exchange Commission’s stance on pending U.S. applications.
The fund remains in negotiations for final listing approval on Brazil’s B3 exchange, with additional regulatory steps needed before trading can begin. When launched, the ETF will hold XRP directly rather than through derivatives.
For U.S. investors, access to the Brazilian fund would require registration through foreign brokerage accounts that offer Brazilian market products, though specific trading details remain under development.
In the U.S., the SEC is reviewing several XRP ETF applications for Grayscale, Bitwise, CoinShares, Canary Capital and WisdomTree, with the agency’s acknowledgment triggering a 240-day review period extending into October.
Read More: Grayscale’s Spot XRP ETF Takes a Big Step Toward Approval
The price of XRP fell nearly 2% to around $2.68 over the last week and following the Brazilian registration, though it remains nearly 30% below its all-time high.
ETF and exchange-traded product approvals, combined with their regulatory framework, could serve as catalysts for broader cryptocurrency adoption globally. The Brazilian registration may establish a precedent for other jurisdictions considering similar products, following patterns seen with previous cryptocurrency ETF approvals.
The expanding global development of crypto ETFs suggests a growing acceptance of these investment vehicles by regulators worldwide, potentially paving the way for similar products in other markets.