Brazil central bank plans year-end proposal for crypto regulation

By Thomson Reuters May 20, 2024 | 9:08 AM

BRASILIA (Reuters) – Brazil’s central bank announced on Monday that it has decided 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 subject, which paved the way for subsequent regulation by the central bank.

In a congressional hearing last year, the bank’s director of regulation, Otavio Damaso, had projected regulation to be wrapped up by June 2024.

After launching a public consultation on the matter in December 2023, which concluded in January, the central bank said it would now open a new consultation in the second half of this year.

(Reporting by Marcela Ayres; editing by Gabriel Araujo)