News and Business
Brazil’s Central Bank gathers input on virtual asset regulation
Further public consultation expected in light of received contributions
Subjects
On December 14, 2023, the Brazilian Central Bank (BCB) opened a public consultation to gather contributions and information to develop regulations for virtual assets – as determined by Brazil’s Virtual Asset Legal Framework (Law No. 14,478/2022). Contributions were accepted up to January 31, 2024.
One of the BCB’s objectives with this consultation was to gather input on establishing an appropriate regulatory framework for virtual asset providers in line with the Virtual Asset Legal Framework’s guidelines.
The public consultation addressed issues such as segregating assets, risk management, contracting essential services, governance, conduct rules, and cybersecurity, among others.
Once it has reviewed the contributions and prepared an initial draft, the BCB is expected to open another public consultation to allow market participants to contribute further to future regulations on the topic.
For further information on this topic, please contact Mattos Filho’s Banking & Financial Services practice area.
