Brazil central bank plans year-end proposal for crypto regulation

BRASILIA, May 20 (Reuters) – Brazil’s central bank announced on Monday that it has decided to divide the process of regulating crypto-assets and virtual asset service providers into phases, with regulatory proposals expected by the end of this year. The decision effectively delays the completion of the process following a 2022 law on the subject, which paved the way for subsequent regulation by the central bank. In a congressional hearing last year, the bank’s director of regulation, Otavio Damaso, had projected regulation to be wrapped up by June 2024. After launching a public consultation on the matter in December 2023, which concluded in January, the central bank said it would now open a new consultation in the second half of this year.

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