Brazil’s Central Bank presents regulatory priorities for 2025 and 2026

Open Finance

– Adopting measures to improve the Open Finance system, from operational limits (the quality of monitoring for data and information) to the continuation of the evolutionary agenda.

– Agenda actions: discussing credit portability + improvement of the Open Finance journey when the user is a legal entity.

– Future topics: salary and investment portability (in partnership with Securities and Exchange Commission – CVM).

Virtual assets

– Contemplating of the contributions from three public consultations (Nos. 109, 110, and 111/2024) on the topic.

– New regulations are expected in the second half of 2025.

– In response to a journalist who asked which other virtual asset topics may still be regulated, the BCB highlighted stablecoins. This topic is already on the legislative agenda in Brazil’s Congress and may become the subject of BCB regulations.

Banking as a Service (BaaS)

– Enactment of BaaS regulations by the end of 2025 as a result of the evaluation and consolidation of the contributions from Public Consultation No. 108/2024.

Tokenization

– Monitoring phase for legal and technological developments to prepare the National Financial System (SFN) for the tokenization of financial assets.

Artificial Intelligence

– Monitoring phase for international and parliamentary debates to ensure the proper use of AI in the SFN.

Compensação privada de créditos entre residentes e não residentes

– Desenvolvimento de discussões sobre em quais casos será permitido ou restrita a compensação privada de créditos.

– Objetivo de melhorar as transações internacionais, principalmente entre grandes agentes de pagamentos e recebimentos internacionais.

Offsetting (compensação privada de créditos) between residents and non-residents

– Contemplating contributions from Public Consultation No. 112/2024 on this topic, aiming to simplify the process and improve submissions of information to the BCB.

eFX

– Reviewing regulations on the topic in 2025.

– No specific deadline has been indicated for potential public consultations or new regulations.

– Evaluation of which agents can be classified as eFX service providers, and which services can be classified as eFX services.

Basel III Finalization

– Explaining that the Phase 3 standards refer to market infrastructure considered in the FRTB (Fundamental Review of the Trading Book).

– Three main ideas: reviewing the leverage ratio; completion of the solo basis; and change of the capital requirement for S1, S2 and S3 to the Basel standard.

Minimum capital

– Review of the minimum capital requirements, aim to improve the balance between the minimum capital of the regulated institutions to avoid arbitrage between the different types of licenses (BCB pointed out that there is a time imbalance between the standards of the 1990s and 2024, for example).

– BCB did not indicate an estimated deadline for such review or whether the changes would result in the increase or decrease of minimum capital requirements.

GRSAC – Phase II

– Incorporating quantitative criteria in GRSAC reports and reviewing qualitative criteria.

– Publication of public consultation of a proposal for regulation (no deadline was indicated).

Accounting criteria

– Contemplating contributions from Public Consultation No. 119/2025 on accounting for sustainability assets and liabilities.

Transparency

– Inclusion of new information to the “Bureau Verde” system to improve rural entities’ transparency, as well as the transparency of their contractual relationships.

Fundraising

– Review of the limits on cooperatives’ fundraising with municipalities.

Corporate name of an authorized institution

– Contemplating contributions from Public Consultation No. 117/2025, which is currently still open.

– A new public consultation with draft of the new regulation on corporate names of authorized institutions is expected to be opened by the end of 2025.

Fraud prevention

– Review of the requirements for opening and operating accounts.

– Creation of a system to allow the public to register whether they want accounts opened in their name, whose database should be consulted by regulated institutions before opening accounts.

Fees

– Reviewing current regulations on the fees charged by regulated institution.

Real estate loans

– Discussions regarding the creation of alternative models for facilitating the access to real estate loans.

Guarantees

– Creation of a system and environment for allowing the use of credits from private pension funds as guarantees for credit transactions.

Pix using NFC technology

– Simplification of the user journey to allow purchases using NFC technology.

– Expected by May 2025.

Pix’s Special Return Mechanism

– Improvement of the Special Return Mechanism, the system that allows clients to contest fraudulent Pix transactions, allowing greater tracking and blocking of the funds of fraudulent transactions.

– Expected by October 2025.

Split Pix Payment

– Standardization of the user experience of Pix to ensure the consumer is informed on the terms of the Split Pix Payment.

– BCB will not regulate the interest rate of installments of Split Pix Payments.

– Expected by September 2025.

Guaranteed Pix

– Increasing the types of assets that can serve as collateral in credit transactions, to enable future credits from Pix transactions to be used as collateral (similarly to using receivables from payment schemes as collateral).

– Expected in the second half of 2025.

Risk management

– Contemplating contributions from Public Consultation No. 104/2024.

Post-paid schemes

– Assessing the structures that affect participants in post-paid payment schemes, especially regarding the fees charged by the payment scheme settlor and interchange fee structures.

Digital Wallets (Token Applicants)

– Assessing the need for regulating and including the providers of digital wallets in payment schemes.

– Collected inputs from Public Consultation No. 118/2025 (currently in progress) will help to evaluate whether regulations should be drafted on this topic.

Registration of receivables from payment schemes

– Contemplating contributions from Public Consultation No. 113/2024.

– Finalization of regulations governing interoperability fees.

FGC – Credit Guarantee Fund

– Actions marked for 2026:

• Review of the FGC’s regulations and its beneficiary institutions;
• Adoption of measures to regulate the actions of beneficiary institutions of the FGC in view of their exposure to guarantee funds;
• Modernization of rules and implementation of changes to adapt to international standards; and
• Assessment of the amounts of the FGC and the form of contributions.

Pix

– Revision of the Pix penalty’s manual.

Punitive Administrative Proceedings – PAS

– Periodic review of the rules governing the Punitive Administrative Proceedings at the BCB.