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Central Bank of Brazil announces second phase of public consultation to regulate the cryptocurrency market
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The Central Bank of Brazil opened the second phase of the public consultation on the regulation of cryptocurrencies, seeking opinions from the population and companies in the sector.
The new regulatory proposals focus on creating standards for the digital assets market, aiming to offer greater legal certainty and ensure the solidity and efficiency of companies operating in this emerging sector.
With public consultations 109/2024 and 110/2024, the Central Bank intends to structure a regulated environment for cryptocurrencies in Brazil, in line with Law 14,478, of 2022.
Public Consultation 109/2024 proposes the regulation of specific virtual asset services, addressing both the constitution and operation of companies providing these services.
Central Bank
Among the main points, the proposal defines the creation of three types of institutions in the cryptocurrency market: virtual asset intermediaries, which are dedicated to trading and distribution; virtual asset custodians, responsible for guarding these assets; and virtual asset brokers, which perform both functions.
This division aims to improve transparency and ensure that each institution meets established security and capital requirements.
The proposal also establishes fees that may be charged for digital asset services. For the Central Bank, this measure will allow the sector to operate with greater transparency and users to better understand the costs involved in transactions and asset custody.
The second public consultation, 110/2024, addresses the authorization process for the creation and operation of companies in the cryptocurrency sector. This regulation also defines special treatment for companies that were already operating in the market before the new rules came into force.
The public consultation also foresees the consolidation of authorization standards for companies operating in similar areas, such as foreign exchange markets and securities securities, which contributes to a more unified and efficient approach to the financial system.
The Central Bank has committed to publishing, by the end of 2024, an additional proposal that will detail how digital asset companies will be able to operate in the Brazilian foreign exchange market.
Central Bank of Brazil announces second phase of public consultation to regulate the cryptocurrency market
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Central Bank of Brazil announces second phase of public consultation to regulate the cryptocurrency market
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Central Bank of Brazil announces second phase of public consultation to regulate the cryptocurrency market
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Central Bank of Brazil announces second phase of public consultation to regulate the cryptocurrency market
