According to Odaily, the Central Bank of Brazil has announced a strategic move towards regulating cryptocurrencies through a gradual 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 strong and effective regulations. This measure, although delaying the process as previously projected, signifies the bank’s commitment to clarity and stability in Brazil’s cryptocurrency sector.
Regulatory director Otavio Dámaso had previously projected completion for June 2024, but a new public consultation is now scheduled for the second half of this year, indicating ongoing efforts to develop a clear regulatory path for cryptoassets. and virtual asset service providers.
