Brazil’s central bank (BCB) has proposed new rules for the forex sector that may place further restrictions on the country’s crypto exchanges.
The Brazilian media outlet Livecoins reported that the BCB has released a public consultation paper calling for feedback on its proposals.
In fact, the bank did not make any direct reference to crypto exchanges in its proposals, nor to crypto transactions. But, in their current form, the rules would impact crypto exchange platforms that allow their customers to make international transfers or sell coins for fiats other than the Brazilian real.
These proposals focus mainly on Forex platforms, known as eFX in Brazil (short for electronic foreign exchange).
Furthermore, the proposals advocated capping individual transactions at a value equivalent to $10,000. And the BCB wants to oblige forex platforms to boost their transparency criteria, displaying the real and full cost to customers of each individual transaction they make.
Forex platforms would also have to submit data on their clients’ transactions and use designated on/off ramps for client withdrawals and deposits.
Its proposals include forcing existing and new Forex providers to apply for regulatory permits.
