PANews reported on November 12th, citing CoinDesk, that the Central Bank of Brazil's latest cryptocurrency regulations clarify the operating methods, required capital amounts, and legal handling of international cryptocurrency transactions for crypto companies. Some of the central bank's regulations, including capital requirements and time limits, have been criticized by the cryptocurrency industry. The Central Bank of Brazil stated that companies in the industry must hold at least 10.8 million reais (US$2 million) in capital. Depending on the type of business, some companies must hold at least 37.2 million reais. This figure is significantly higher than the 1 million to 3 million reais proposed during the public consultation phase. Companies that fail to meet compliance deadlines (including demonstrating capital levels, cybersecurity controls, customer due diligence practices, and risk assessments) will be prohibited from operating. Foreign companies operating in Brazil must establish a local entity and transfer their business under that structure. Previous reports indicated that Brazil would expand its financial sector regulation to include cryptocurrency service providers .PANews reported on November 12th, citing CoinDesk, that the Central Bank of Brazil's latest cryptocurrency regulations clarify the operating methods, required capital amounts, and legal handling of international cryptocurrency transactions for crypto companies. Some of the central bank's regulations, including capital requirements and time limits, have been criticized by the cryptocurrency industry. The Central Bank of Brazil stated that companies in the industry must hold at least 10.8 million reais (US$2 million) in capital. Depending on the type of business, some companies must hold at least 37.2 million reais. This figure is significantly higher than the 1 million to 3 million reais proposed during the public consultation phase. Companies that fail to meet compliance deadlines (including demonstrating capital levels, cybersecurity controls, customer due diligence practices, and risk assessments) will be prohibited from operating. Foreign companies operating in Brazil must establish a local entity and transfer their business under that structure. Previous reports indicated that Brazil would expand its financial sector regulation to include cryptocurrency service providers .
Brazil's central bank's latest regulations set a capital threshold of up to $7 million for crypto companies.
PANews reported on November 12th, citing CoinDesk, that the Central Bank of Brazil's latest cryptocurrency regulations clarify the operating methods, required capital amounts, and legal handling of international cryptocurrency transactions for crypto companies. Some of the central bank's regulations, including capital requirements and time limits, have been criticized by the cryptocurrency industry. The Central Bank of Brazil stated that companies in the industry must hold at least 10.8 million reais (US$2 million) in capital. Depending on the type of business, some companies must hold at least 37.2 million reais. This figure is significantly higher than the 1 million to 3 million reais proposed during the public consultation phase. Companies that fail to meet compliance deadlines (including demonstrating capital levels, cybersecurity controls, customer due diligence practices, and risk assessments) will be prohibited from operating. Foreign companies operating in Brazil must establish a local entity and transfer their business under that structure.
Previous reports indicated that Brazil would expand its financial sector regulation to include cryptocurrency service providers .
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