Regulation
Brazil’s central bank prepares year-end proposal to regulate cryptocurrencies By Reuters
BRASILIA (Reuters) – Brazil’s central bank announced on Monday its decision to divide the process of regulating crypto-assets and virtual asset service providers into phases, with regulatory proposals expected by the end of this year.
The decision effectively delays the completion of the process following a 2022 law on the matter, which paved the way for subsequent regulation by the central bank.
In a congressional hearing last year, the bank’s regulatory director, Otavio Damaso, predicted that regulation would be completed by June 2024.
After launching a public consultation on the topic in December 2023, which concluded in January, the central bank said it will now open a new consultation in the second half of this year.