Legal framework for cryptocurrencies
The cryptocurrency legal framework, which sets out the guidelines for regulating the provision of cryptocurrency services, was approved in late 2022. The Central Bank was designated as the sector's regulator. Since mid-2023, the entity has been holding public consultations to gather expert opinions and formulate regulations. At an event held in June this year, the Central Bank's (BC) Director of Regulation, Otavio Damaso, said that crypto regulations should be ready by 2025.
Financial digitalization has been one of the main highlights of recent times in Brazil. With Pix, Open Finance and Drex, even the Central Bank is helping to make Brazilians' finances more digital than ever. In this sense, the digital asset class is gaining notoriety and making banks such as BTG Pactual, Itaú, Nubank and Banco do Brasil adapt to this new reality.
