Welcome to Latam Insights, a weekly roundup of the most impactful crypto developments from Latin America. This edition covers Brazil's blanket ban on non-financial prediction markets, a new report highlighting the region's Bitcoin mining potential, and a major investment by Brazil's largest bank into mobile mining solutions.
Brazil Issues Blanket Ban on Non-Financial Prediction Markets
On April 24, 2026, Brazil's National Monetary Council (CMN) published Resolution No. 5,298, effectively prohibiting derivative contracts tied to non-financial underlying events. The ban covers sporting events, virtual online gaming events, political, electoral, social, cultural, or entertainment-related events—whether real or virtual. In contrast, derivatives linked to economic and financial benchmarks such as price indices, interest rates, exchange rates, commodity prices, and securities traded on organized exchanges remain permitted.
The Brazilian Secretariat of Prizes and Betting (SPA), the country's gambling watchdog, had issued a technical note stating that prediction market platforms "simply reproduce the essential elements of fixed-odds bets," leading to the regulatory crackdown. This move effectively blocks platforms like Polymarket from operating in Brazil's non-financial prediction market space.
Hashrate Index Report: Latin America Poised to Become a Bitcoin Mining Powerhouse
A new report from Hashrate Index titled "The State of Bitcoin Mining in Latin America (2026)" reveals that while the U.S., China, and Russia dominate global hashrate, Latin America is on the verge of a mining boom. Paraguay currently ranks fourth globally with 43 EH/s (4.3% of global hashrate), but Brazil and Venezuela show the greatest growth potential.
Brazil's hashrate has surged 133% year-over-year, driven by regulatory reforms allowing miners to negotiate directly with energy generation companies for fixed tariffs, bypassing distributor surcharges. Venezuela, despite economic challenges, maintains 5 EH/s in untapped capacity. The report concludes that with favorable policies, Latin America could become a "Bitcoin mining superpower."
Itau Ventures Invests $10 Million in Mobile Bitcoin Mining
Itau, one of Brazil's largest banks, has entered the Bitcoin mining space through its venture arm, Itau Ventures. The firm made an undisclosed investment—reported to be up to $10 million—in Minter, a startup that addresses the problem of curtailment in renewable energy installations. Minter combines traditionally fixed-location mining hardware with mobile containers, allowing operations to be deployed directly at green energy generation sites.
This approach enables energy producers to monetize surplus electricity that would otherwise be wasted or curtailed. The investment, backed by Itau's reputation, positions Minter as a key player in sustainable Bitcoin mining in Latin America.
In summary, this week's Latam Insights highlights a dynamic region wrestling with regulatory restrictions while simultaneously attracting record capital into crypto mining—a sign of Latin America's evolving role in the global digital asset ecosystem.