Brazil Enforces 9-Month Cryptocurrency Rule Overhaul to Combat Fraud
Brazil's central bank has implemented stringent new regulations for cryptocurrency service providers, marking a significant shift in the country's approach to digital assets. The rules mandate licensing for virtual asset intermediaries, custodians, and brokers, placing them under similar oversight as traditional financial institutions.
The regulatory framework emphasizes robust corporate governance, internal controls, and client protection mechanisms. This MOVE aims to curb illicit activities including money laundering and fraud while positioning Brazil as Latin America's leading cryptocurrency hub.
Authorities have established a three-tier classification system for crypto businesses, requiring enhanced compliance measures across all categories. The changes reflect growing global scrutiny of digital asset markets and Brazil's attempt to balance innovation with consumer protection.
