According to Odaily, Brazil’s Central Bank has announced a strategic move towards regulating cryptocurrencies through a phased approach. This decision comes after a 2022 law and aims to establish a comprehensive regulatory framework by the end of 2024.
The bank’s phased approach is designed to adapt to the rapidly evolving crypto market while ensuring robust and effective regulations. This move, although delaying the process as projected earlier, signifies the bank’s commitment to clarity and stability in Brazil’s cryptocurrency sector.
Director of regulation, Otavio Damaso, had previously projected completion by June 2024, but a new public consultation is now set for the second half of this year, indicating ongoing efforts to develop a clear regulatory path for crypto-assets and virtual asset service providers.
