Brazil Plans to Launch a Crypto Regulatory Framework This Year
The Brazilian Central Bank has announced that it will introduce a regulatory framework for cryptocurrencies by the end of this year.
In a statement released on Monday, the central monetary authority stated that the development of this framework will be implemented through several phases.
This decision has effectively delayed the country’s plan to regulate its growing digital assets industry, which will bring much-needed clarity to token creators and virtual asset service providers (VASPs).
To achieve this, the Central Bank of Brazil has identified three key steps, which include holding a public consultation on regulations for digital asset providers, creating a complementary framework for regulating VASPs’ operations in Brazil, and conducting internal planning for regulating stablecoins.
Although this announcement shows that Brazilian officials are still dedicated to providing regulatory clarity for digital asset providers, it seems that these regulations will come later than initially expected.
