Brazil classifies stablecoin payments as foreign exchange under new rules

Banco Central do Brasil’s new framework brings crypto companies under banking-style oversight, extending AML and FX rules to stablecoins.

Brazil’s central bank completed rules that bring crypto companies under banking-style oversight, classifying stablecoin transactions and certain self-custody wallet transfers as foreign-exchange operations. 

Under Resolutions 519, 520 and 521, published Monday, the Banco Central do Brasil (BCB) established operational standards and authorization procedures for what it calls Sociedades Prestadoras de Serviços de Ativos Virtuais (SPSAVs), a new category of licensed virtual-asset service providers operating in the country. 

The framework extends existing rules on consumer protection, transparency and Anti-Money Laundering (AML) to crypto brokers, custodians and intermediaries. 

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