Brazil’s BTC reserve proposal, US regulatory shifts, and Russia’s new crypto legislation

November ended on a strong note for the Nasdaq Crypto IndexTM (NCITM), which rose 3.4% for the week despite Bitcoin (BTC) only up 0.3%. Ethereum (ETH) stood out, surging 10.5%, while Solana (SOL) fell 6.0%. The month was one of the best in the past two years, signaling the beginning of a long-awaited crypto bull market, as ETH rose in the aftermath of the US election and BTC’s dominance feeling strong resistance around 60%, a level which in previous cycles has either marked the tail end of BTC’s outperformance or the start of a new ”altseason.” In November, the NCI outperformed BTC (+38.0%) with an increase of 45.7%, bolstered by Ethereum rising 47.4% and Solana’s 42.5% upswing.

Bitcoin reserve bill introduced in Brazil

The bill proposes the creation of a Sovereign Strategic Bitcoin Reserve (RESBit) to diversify the National Treasury’s financial assets, protect international reserves against exchange rate fluctuations and geopolitical risks, and foster blockchain technology adoption. The bill outlines a gradual acquisition of up to 5% of Brazil’s international reserves in Bitcoin, managed by the Central Bank and the Ministry of Finance using advanced monitoring technologies. If approved, this project could mark a milestone in integrating cryptocurrencies into Brazil’s economy, drawing global attention and strengthening the country’s economic sovereignty. Trump expected to give oversight of crypto to CFTC President-elect Donald Trump’s administration is reportedly planning to shift the regulation of spot markets and cryptocurrency exchanges classified as commodities from the SEC to the CFTC, aiming to create a favorable regulatory environment. This change could ease the pressure on crypto companies, as the CFTC is viewed by many as more industry-friendly than the SEC and may facilitate the development of new products and enhance market confidence.

Russia approves crypto tax law recognizing crypto as property

Russia has enacted a law recognizing digital currencies as property, imposing a personal income tax of 13% on cryptocurrency earnings up to 2.4 million rubles and 15% on amounts exceeding that threshold. The only exception is crypto mining and, in that case, mining operators need to report their activities to local authorities, with non-compliance resulting in fines. This law brings regulatory clarity and legitimizes cryptocurrency activities within Russia, potentially increasing market participation and influencing global crypto asset valuations.

From Hashdex: Into the Mainstream: Hashdex’s 2025 Crypto Outlook

On Wednesday, December 4, join us for an exclusive webcast with CIO Samir Kerbage and Head of Research Pedro Lapenta as they review Hashdex’s 2025 Crypto Investment Outlook—Into the Mainstream to share actionable insights and projections for the new year. The session will uncover the integration of crypto into traditional portfolios and spotlight cutting-edge blockchain applications with the potential to reshape industries.

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