Decree 11,563, of June 13, 2023, confirmed that the Central Bank of Brazil (Banco Central do Brasil/BC) will be responsible for regulating the provision of digital asset services in the country, respecting the guidelines established by Law 14,478, of December 21, 2022.
The body will also be in charge of authorizing and supervising companies that operate in the sector.
The decree does not alter the powers of Brazil’s Securities and Exchange Commission (Comissão de Valores Mobiliários/CVM), which is responsible for regulating crypto assets that qualify as securities, and of the National Consumer Protection System (Sistema Nacional de Defesa do Consumidor).
The next steps are as follows:
- There will soon be regulation(s) for the provision of digital asset services;
- The Central Bank will also issue regulations concerning the operation authorization process;
- As already stated in the first texts, the authorization process will likely be very similar to the IP process (Res. 81/21) and the financial institutions governed by Re. 4970//21;
- The Central Bank will present the criteria, deadline and form of communication, so that the already authorized Institutions may provide the digital asset service or add it to the other activities they carry out;
- The Central Bank will establish conditions and deadlines, not less than six months, for digital asset service providers that are in operation to adapt.
The Means of Payment team at Barcellos Tucunduva is at your disposal.
