Brazil's Central Bank Unveils Regulatory Framework for Crypto Industry

According to Odaily, Brazil's central bank has announced a new regulatory framework for the cryptocurrency sector. The framework mandates that all virtual asset service providers (VASPs) obtain a license from the central bank. Additionally, these providers must hold capital ranging from 10.8 million to 37.2 million Brazilian reais (approximately 2 million to 7 million USD), depending on their business type. The new regulations integrate crypto activities into the oversight of foreign exchange and capital markets. Companies are required to regularly report data on cross-border transactions. Furthermore, the framework imposes restrictions on activities involving stablecoins, self-custody wallets, and crypto-to-fiat transactions.