Brazil appoints Central Bank and Securities Commission as crypto regulators.

On Wednesday, Brazil’s executive branch announced that the country’s Central Bank and Securities Commission will be responsible for overseeing the crypto market. The Securities Commission will control assets considered as securities, while the Central Bank will establish the rules that exchanges must follow, including licensing requirements. This information was reported by finance news outlet InfoMoney.

In December 2022, a crypto regulation bill was approved by former Brazilian President Jair Bolsonaro, which was passed by Brazil’s Chamber of Deputies and the Senate. The bill 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 hub for cryptocurrency, with a high adoption rate of stablecoins and a market in which major companies and protocols such as Coinbase, Bitget, and Metamask have opened operations.

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