Brazil is becoming a cryptocurrency hub in Latam, and its authorities are working to provide clearer regulations for crypto companies. Roberto Campos Neto, president of the Central Bank of Brazil, announced that he estimates rules dealing with asset tokenization and stablecoin processes to be finalized by 2025.
In a recently broadcasted program, Campos Neto asseverated that the bank was also working on virtual asset service providers’ (VASPs) rulemaking. He disclosed the bank would launch a public consultation to request input on the draft that deals with the “conduct, organization, and authorization process” of these entities.
The bank presented a similar public consultation regarding the subject in 2023, but without an accompanying draft to be reviewed.
Campos Neto highlighted the relevance of these regulation for the companies and markets implementing these solutions and the positive effects these might have in Brazil.
He explained:
By their nature, virtual assets have the potential to generate enormous efficiency gains in payment and credit services and promote the expansion of the capital market.
Nonetheless, the bank has missed some estimated deadlines for finalizing this regulation. In May, local reports indicated the bank disclosed a plan to complete these determinations by year’s end. However, this is impossible now, given Campos Neto’s new statements. Later, the head of the Central Bank’s regulatory department Nagel Paulino declared that the bank pointed at next year, stressing that market participants would be given a period to comply with the finalized rules.
Read more: Central Bank of Brazil Aims to Finalize Crypto Regulations This Year
Brazil has already approved its cryptocurrency regulation, sanctioned by former President Jair Bolsonaro in December 2022. The regulatory framework gives the central bank authority to issue guidelines on these specific subjects.
Read More: President of Brazil Sanctions Cryptocurrency Law
Writers’ take: Regulation is an important part of becoming a cryptocurrency hub in Latam for Brazil. The issuance of clear regulations for the industry could incentivize international tokenization and stablecoin companies to move to Brazil to have a first-mover advantage in the region, and help already operating consortiums to have a higher degree of certainty on the legality of their activities. This is a necessary step to expand its already large crypto economy.
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