Although Brazil has legalized cryptocurrencies as a payment option, the crypto community is still hoping for more changes. Despite being ranked 7th globally in crypto adoption, leading politicians in Brazil have not spoken much about the technology.

However, the Head for US and Europe at Hashdex, a Brazilian crypto asset management firm, believes that the country's officials are beginning to understand and regulate crypto.

While exchanges like Coinbase and Binance are seeking opportunities abroad due to the SEC's lawsuit, Brazil's complex tax regime may pose a challenge.

Nonetheless, a Hashdex executive believes that education is crucial in filling knowledge gaps in the industry and that the regulatory approach to crypto in Brazil has been positive.