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Brazil Appoints Central Bank and Securities Commission as Crypto Market Regulators
The executive branch issued a decree with directives following the approval of a crypto law in December 2022.
Brazil’s executive branch has designated the country’s Central Bank and its Securities Commission as responsible for overseeing the crypto market, according to a decree published on Wednesday.
The Securities Commission will exercise control over assets considered securities, while the Central Bank will determine the rules that exchanges must follow, including licensing requirements to operate, the decree detailed, finance news outlet InfoMoney reported.
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In December 2022, former Brazilian President Jair Bolsonaro approved a crypto regulation bill that was passed by Brazil’s Chamber of Deputies and the Senate. The law created a “virtual service provider” license and established a crime of fraud involving virtual assets, with a penalty of between four and six years in jail plus a fine.
Brazil has become a regional crypto hub, with a high adoption rate of stablecoins and a market in which major crypto companies and protocols such as Coinbase, Bitget and Metamask have opened operations.
Andrés Engler
Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He follows the regional scene of startups, funds and corporations. His work has been featured in La Nación newspaper and Monocle magazine, among other media. He graduated from the Catholic University of Argentina. He holds BTC.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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