Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this edition, Brazil moves VASPs to the same regulatory class as traditional brokerages, OKX launches an earthquake relief campaign for Venezuelans, and Bolivia abandons fixed dollar exchange rate.
Key Takeaways
Brazil put VASPs into Type 3, imposing strict brokerage-level capital and risk requirements on crypto firms.OKX launched a 20 USDT airdrop for La Guaira residents, providing direct financial aid to earthquake victims.Bolivia floated its currency after 15 years, devaluing the boliviano 40% to reverse critical dollar shortages.Before this, the Type 3 classification grouped securities brokerage firms, securities distribution firms, and foreign exchange brokerage firms; now, this class also includes VASPs, applying the same requirements to these institutions.
OKX Announces Direct Crypto Aid for Venezuelans Hit by Devastating Twin Earthquakes“We know that these days have been difficult. But we have also seen something extraordinary: the solidarity of Venezuela and the entire international community, which fills us with hope,” it declared.
Bolivia Abandons Fixed Exchange Rate Scheme After 15 Years, Adopting a Floating Dollar SystemThe Ministry of Economy has issued a new resolution that corrects a situation that had been hampering the Bolivian economy for years.
In the resolution, the ministry acknowledges that this regime was established when oil exports had surged, but that since 2005, these revenues have been drying up, underscoring the need to incentivize other economic sectors to generate their own dollars and improve the balance of payments and foreign reserve accumulation.
