The world’s first spot XRP exchange-traded fund (ETF) is set to soon debut in Brazil after being approved by the country’s securities regulator, the Comissão de Valores Mobiliários.

The regulator’s website shows that the fund, the HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, is currently in a pre-operational phase after being set up on Dec. 10, 2024. The fund’s administrator is Genial Investmentos, a local investment brokerage firm.

The fund managder Hashed has confirmed to local news outlet Portal do Bitcoin that the fund has been approved by the CVM. While it doesn’t have an official date to start trading on Brazil’s B3 exchange, Hashed said it soon release more information.

In the U.S., the Securities and Exchange Commission has received numerous numerous spot XRP ETF applications from major asset managers, including CoinShares, Bitwise, 21Shares and Grayscale.

The launch of these funds, which allow investors to gain regulated exposure to the underlying asset without going through crypto exchanges or dealing with private keys, could draw billions to the space according to JPMorgan analysts.

The impact of a spot XRP ETF in Brazil is likely to have will likely be dwarfed by the launch of a similar fund in the US.

CoinDesk reached out to Hashdex but hasn’t heard back by press time.