Brazil's Central Bank to Propose Virtual Asset Provider Regulations by Year-End
CryptoNewsTerminal Staff20 May, 2024
Brazil's Central Bank to Propose Virtual Asset Provider Regulations by Year-End
Brazil's central bank has resolved to propose regulations for cryptocurrency and virtual asset service providers (VASPs) by the end of this year, according to Reuters. The central bank has decided on a phased-in approach to regulate crypto players, delaying a process initially outlined in a law passed in 2022. This move allows for the central bank to maintain control over subsequent regulations. During a congressional hearing last year, Otavio Damaso, the central bank's head of regulation, had estimated that the crypto regulation would be ready by June of this year. Following a public consultation with diverse sectors and entities from December last year to January this year, the central bank has announced that another round of discussions will be held in the second half of this year.
