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Brazil Appoints Central Bank and Securities Commission as Crypto Market Regulators

The executive branch issued a decree with directives following the approval of a crypto law in December 2022.

By Andrés Engler
Jun 14, 2023, 8:40 p.m.
Brazil flag. (Getty Images)
Brazil flag. (Getty Images)

Brazil’s executive branch has designated the country’s Central Bank and its Securities Commission as responsible for overseeing the crypto market, according to a decree published on Wednesday.

The Securities Commission will exercise control over assets considered securities, while the Central Bank will determine the rules that exchanges must follow, including licensing requirements to operate, the decree detailed, finance news outlet InfoMoney reported.

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In December 2022, former Brazilian President Jair Bolsonaro approved a crypto regulation bill that was passed by Brazil’s Chamber of Deputies and the Senate. The law created a “virtual service provider” license and established a crime of fraud involving virtual assets, with a penalty of between four and six years in jail plus a fine.

Brazil has become a regional crypto hub, with a high adoption rate of stablecoins and a market in which major crypto companies and protocols such as Coinbase, Bitget and Metamask have opened operations.

BrazilCentral BankSecurities and Exchange Commission

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Crypto group counters Wall Street bankers with its own stablecoin principles for bill

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After the bankers shared a document at the White House demanding a total ban on stablecoin yield, the crypto side answers that it needs some stablecoin rewards.

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  • The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
  • The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
  • The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
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