Brazil’s central bank announced on Monday that it will split the regulation process for crypto-assets and virtual asset service providers into multiple phases. Regulatory proposals are expected by the end of this year.
This decision means a delay in the complete implementation of regulations that were initially set in motion by a 2022 law. The law provided a framework for the central bank to develop these regulations.
Last year, during a congressional hearing, the bank’s director of regulation, Otavio Damaso, had anticipated that the regulations would be finalized by June 2024.
After conducting a public consultation from December 2023 to January 2024, the central bank has now decided to hold another consultation in the second half of this year.
