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Brazil’s Central Bank Phases in Crypto Regulation: Completion Delayed

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.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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