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The Central Bank of Brazil said on Monday that it aims to complete plans to create a regulatory framework for cryptocurrency by the end of the year. This framework will be developed in phases and will likely delay the implementation of the proposed regulations.
Brazil‘s central monetary authority has announced that the development of its cryptocurrency regulatory framework will be divided into several phases. The phased implementation will provide much-needed clarity for token creators and virtual asset service providers (VASPs) while effectively delaying the country’s plans to regulate the rapidly growing digital asset industry.
The Central Bank of Brazil has outlined at least three steps to improve its cryptocurrency regulatory framework. These steps include holding a public consultation on rules for the business activities of digital asset providers and developing and improving a complementary framework for regulating the operations of VASPs in Brazil. As part of the framework development process, the central bank also plans to conduct internal planning regarding stablecoin regulations.
The central bank’s latest announcement indicates that Brazilian authorities are committed to providing regulatory clarity for digital asset providers, while signaling that cryptocurrency regulations will come later than previously thought. Brazilian Central Bank Regulatory Director Otavio Damaso told a congressional hearing last year that plans for cryptocurrency regulations would be completed by this June.
Brazil has increased its efforts to regulate cryptocurrencies in the last two years. In 2022, the country’s legislature passed a law giving the Central Bank of Brazil authority over digital asset regulation. Last December, banking authorities launched a public consultation on this issue.
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