The Central Bank of Brazil has opened a public consultation on a regulatory draft that correlates the treatment of dollar-pegged stablecoins with foreign currency. The proposed rules, which will now be discussed with relevant stakeholders in the national cryptocurrency ecosystem, would require exchanges dealing in stablecoins to obtain two different operating licenses: one as a virtual asset service provider (VASP) and another as a foreign exchange operator. Additionally, if the rules are passed as proposed, Brazilians will not be able to transfer their stablecoins from exchanges to self-hosted wallets. Valor Econômico explains that this could criminalize decentralized finance operations using stablecoins, forcing users to manage these assets on centralized platforms.
Brazil Groups Stablecoins With Foreign Currency in New Regulatory Draft
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