The Central Bank of Brazil is moving forward with regulating the cryptocurrency market and implementing its digital currency project, Drex.
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1. Cryptocurrency Regulation:
The Central Bank recently launched the second phase of public consultation to define rules on VASPs (Virtual Asset Service Providers), classifying them into three types: intermediaries, custodians, and brokers. The proposed rules aim for greater transparency and legal certainty, imposing requirements such as asset segregation and specific rules for operations such as staking and margin accounts. Public contributions can be submitted until February 2025.
2. Drex Project (Digital Real):
The Central Bank is in the second phase of testing Drex, focusing on implementing smart contracts and creating new business models for participants. There are also adjustments regarding user privacy, a sensitive point in the previous stages of development.
These initiatives are part of Law 14,478/2022 (Legal Framework for Cryptocurrencies), which established the Central Bank as the regulator of the crypto market in Brazil. The final regulation, scheduled for 2025, aims to balance innovation and security in the sector.
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