Brazil’s Central Bank Imposes New Regulatory Framework on Crypto Firms
Brazil's central bank has enacted stringent new regulations for cryptocurrency service providers, aligning the sector with traditional financial standards. Effective November 10, crypto intermediaries, custodians, and brokers must obtain operational authorization and adhere to anti-money laundering (AML), cybersecurity, and risk management protocols mirroring those of conventional finance.
The rules cap unauthorized transactions at $100,000 and bring stablecoin transactions and cross-border crypto transfers under foreign exchange oversight. Banking Regulation Director Gilnew Vivan framed the move as a bid to solidify Brazil's position as Latin America's cryptocurrency hub while mitigating illicit finance risks.