Brazilian Crypto Market to Operate Only with Authorized Institutions
The Brazilian cryptocurrency market will only operate with authorized institutions after the transition period ends, according to the Banco Central.
Nagel Paulino, chief of division at the BC, stated that the sector will pass to function only with institutions authorized by the regulator, aiming to provide more legal security, protect clients, and reduce gaps for unregulated companies operating in the market.
The regulation is based on the principle of integration between virtual asset services and traditional finance. The Banco Central has dedicated a significant part of the new rules to topics such as governance, internal controls, and risk management, aiming to ensure stability and proper functioning of the regulated market for virtual assets.