Regulation
Brazil’s central bank plans year-end proposal for crypto regulation By Reuters
BRASILIA (Reuters) – Brazil’s central bank said on Monday it had decided to divide the regulatory process for cryptoassets and virtual asset service providers into phases, with regulatory proposals expected by the end of this year.
The move effectively delays the completion of the process following a 2022 law on the subject, which paved the way for further regulation by the central bank.
At a congressional hearing last year, the bank’s chief regulatory officer, Otavio Damaso, projected the regulations would be completed by June 2024.
After launching a public consultation on the subject in December 2023, which concluded in January, the central bank announced that it would now open a new consultation in the second half of this year.