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Central Bank prepares public consultation to regulate stablecoins
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The Central Bank of Brazil announced that it will launch a new public consultation to regulate the market for cryptocurrencies in the country. This time, the focus will be on foreign exchange operations carried out with digital assets, especially stablecoins. The document should be made public in the coming days, although the exact date is not yet known.
Pedro Henrique da Silva, coordinator of the Central Bank’s Financial System Regulation Department, revealed the news during the MB Compliance Summit, an online event promoted by the broker Mercado Bitcoin (MB) this Tuesday (26).
The initiative reflects the Central Bank’s intention to increase control on international remittances and payments made with stablecoins, which represent a large portion of cryptocurrency operations in Brazil.
According to Silva, the main objective is guarantee equality in standardswithout creating distinctions for VASPs, but considering the specificities of the digital asset market.
Stablecoins in the Central Bank’s sights
During the seminar, Silva highlighted that the Central Bank plans to create a specific nucleus to supervise VASPs. However, this depends on the hiring of new servers. He highlighted that the BC has not held public tenders for almost a decade, which could make it difficult to implement the plan.
Furthermore, Silva reported that around 80 institutions must register as VASPs once the rules are defined. However, he believes that this number is already outdated. The initial plan foresees a “special phasing” to facilitate the regularization of companies already operating in the sector.
The Central Bank is already conducting other public consultations on the topic. In November, for example, the organization released the second phase of virtual asset services regulationbased on Law 14,478/2022. The expectation is that the BC will complete the final guidelines in early 2025, building a robust regulatory framework for the crypto sector in Brazil.
Central Bank prepares public consultation to regulate stablecoins
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Central Bank prepares public consultation to regulate stablecoins
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Central Bank prepares public consultation to regulate stablecoins
