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The central bank of Brazil has commenced public consultations on various issues concerning the regulation of virtual asset service providers.
Banco Central do Brasil (BCB) has put forward proposed changes to the regulations that govern virtual asset service providers (PSAV) operating within the nation’s foreign exchange market.
In particular, the proposals aim to explicitly outline the functions of PSAVs in the following domains:
- cross-border payments and transfers utilizing virtual assets;
- the buying, selling, exchanging, or holding of virtual assets owned by non-residents in Brazilian reais;
- transactions involving virtual assets that are denominated in foreign currencies.
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BCB recommends clarifying the requirements and limitations for PSAVs engaged in these activities, alongside establishing a licensing framework for virtual asset service providers. Additionally, PSAVs would be mandated to document and, upon request, supply regulators with client identification information, the amounts and types of digital assets involved, and general transaction details.
Amendment 76-N, which would prevent PSAVs from transferring virtual assets denominated in foreign currencies to non-custodial crypto wallets, has garnered particular attention from the crypto community.
The BCB’s proposals are currently available for public discourse, encouraging all interested parties to engage until February 25, 2025. As reported by industry media, the proposals have attracted over 50 detailed comments, with many expressing concerns regarding the constitutionality of limitations on self-custody of digital assets.
In the first half of 2024, global transaction volumes involving stablecoins surpassed $2.6 trillion. Brazil continues to be one of the largest markets for stablecoins, where they have emerged as a favored alternative to conventional banking services.
Сообщение Brazil Considers Enhanced Oversight of Digital Asset Sector появились сначала на CoinsPaid Media.
