Approval Received for the World's First Ripple ETF: The Largest 7th Country, the US, Acted Quickly! - Coin Bulletin

Brazil's capital market regulator, the Securities and Exchange Commission (CVM), announced that it has approved the world's first spot XRP exchange traded fund (ETF).

Comissão de Valores Mobiliários has approved HASHDEX NASDAQ XRP FUNDO DE ÍNDICE**, the world's first spot XRP exchange-traded fund (ETF).

**According to information on the website of CVM, the 7th largest country in the world in terms of population, Brazil, the ETF named HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, which was established on December 10, 2024, is currently in the pre-operational stage. The manager of the fund was determined as the local investment brokerage firm Genial Investimentos.

Hashed confirmed to local media outlet Portal do Bitcoin that the fund has been officially approved by CVM. Although the start date for trading on B3 exchange has not been finalized yet, the company stated that it will provide more information soon.

In addition to this development in Brazil, the U.S. Securities and Exchange Commission (SEC), Grayscale and Bitwise also accepted applications for the spot XRP ETF submitted by Bitwise. Grayscale's application was approved on February 14, 2025, and Bitwise's application was approved on February 18, 2025. Both applications are under consideration and a final decision will be made after receiving public comments.

In the US, the probability of approval for the spot XRP ETF is estimated at 65%, while the approval in Brazil is expected to have a more limited impact. However, this move in the Latin American market could present an important opportunity for crypto investors in the region.

Brazil's spot XRP ETF move is expected to facilitate the widespread adoption of crypto-based financial products in Latin America, while the decision-making process in the US is believed to have a bigger impact on global markets.