Brazil: Central Bank reveals details on cryptocurrency law.
P2P activity will not be directly regulated, but will be subject to standards for banks, VASPs and other entities
In the live broadcast held this Monday, December 11, the Central Bank of Brazil (BC) revealed new details about the regulation of cryptocurrencies that should be implemented in 2024 in the country.
During the event, attended by Antônio Marcos Guimarães, consultant of the Department of Regulation of the Financial System, and Gustavo Igreja, head of the Audiovisual Content Division, the BC revealed that it should not directly regulate the P2P activity of cryptocurrencies and that there will be rules different for banks, exchanges, DeFi and Dex platforms.
Regarding P2P activity, Guimarães highlighted that it will not be regulated directly by the BC, but indirectly by the rules for Banks, Virtual Asset Service Providers (VASP) and other entities. In addition, OTC tables and P2P intermediation for third parties will be covered by the standard.
According to him, exchanges will have to share various information with the regulator and then it will be possible to monitor P2P activity, however, the exchange between cryptocurrencies from a wallet maintained by one individual with another maintained by another individual, the famous P2P, will not be subject to BC regulation.
Furthermore, Guimarães revealed that the BC plans to treat different types of services in the market with different regulations. Therefore, exchange and custody services will have a different rule than banks that offer crypto assets. However, companies classified as Payment Institutions (PI) will not be able to offer cryptocurrencies to clients.
Credits: Rodigo di paula ambrissi
