Brazil's Central Bank Plans to Regulate the Crypto Industry in Phases, Proposes Regulation by Year-End

PANews reported on May 20 that the Central Bank of Brazil is gradually advancing the regulation of crypto assets and virtual asset service providers, with specific regulatory proposals expected to be presented by the end of this year. Despite some delays in the process, the central bank has adopted a phased implementation approach to ensure the effectiveness and comprehensiveness of the regulations. Through a new public consultation, the Central Bank of Brazil aims to gather more opinions to develop a more reasonable and feasible regulatory framework.