BRASILIA (Reuters) – Brazil's central financial institution stated on Monday it has determined to divide the method of regulating cryptocurrencies and digital asset service suppliers into phases, with regulatory proposals anticipated by the top of this 12 months.
The choice successfully delays the completion of the method following the 2022 legislation on the matter, which paved the best way for subsequent regulation by the central financial institution.
At a congressional listening to final 12 months, the financial institution's director of regulation, Otavio Damaso, projected that regulation can be accomplished by June 2024.
After launching a public session on the problem in December 2023, which resulted in January, the central financial institution stated it’s going to now launch a brand new session within the second half of this 12 months.
The central financial institution informed Reuters that the primary public session aimed to collect data from the corporate, whereas additionally points not coated by the 2022 legislation, akin to asset segregation of digital asset service suppliers.
This required “affordable dedication from the groups concerned within the regulatory work,” he stated, noting that the variety of actions carried out by entities within the digital asset sector and the totally different buildings of those entities necessitated this preliminary effort.
“The second public session, now centered on the regulatory texts, goals to make use of the preliminary inputs to create a robust regulatory framework, once more with broad societal assist,” the central financial institution stated.
