Central Bank of Brazil Targets Complete Crypto Regulation by 2024
Central Bank of Brazil's Comprehensive Crypto Regulation Timeline
On May 20, the Central Bank of Brazil (BC) reaffirmed its commitment to finalizing crypto regulations by the end of 2024, aiming to enhance market transparency and investor protection. This initiative seeks to establish clear operational standards and authorization processes for virtual asset service providers (VASPs).
Regulatory Approach and Requirements
- Normative Acts: Under Law 14,478 of 2022, VASPs must obtain BC authorization, adhere to minimum requirements, and promote proper customer interaction.
- Phased Evolution: The regulatory process will involve refining standards by developing public consultations, stablecoin regulations, and complementary frameworks for VASP activities.
The collaborative approach with public consultations aims to ensure high-quality regulations that benefit from market insights. Additionally, the regulation focuses on maintaining the stability of the National Financial System by addressing anti-money laundering and monitoring activities.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.