Central Bank’s New Brazilian Forex Rules Could Impact Crypto Exchanges
The Brazilian central bank (BCB) has offered new rules for the Forex sector which can impose new restrictions on the country’s crypto exchanges.
The Brazilian media Likets reported that the BCB had published a public consultation document calling for comments on its proposals.
These proposals are mainly focused on Forex platforms, known as EFX in Brazil (electronic exchange abbreviation).
In fact, the bank has made no direct reference to the exchanges of crypto in its proposals, or to cryptographic transactions.
But, in their current form, the rules would have an impact on crypto exchange platforms which allow their customers to make international transfers or sell parts for Fiat other than Brazilian real.
The BCB wishes to move the Forex industry largely unregulated within the framework of its surveillance umbrella.
Its proposals include forcing existing suppliers and new Forex to request regulatory permits.
Forex platforms should also submit data on customer transactions and use ramps on / deactivated for customer withdrawals and deposits.
In addition, the proposals recommended the cap of individual transactions at a value equivalent to $ 10,000.
And the BCB wants to oblige Forex platforms to increase their transparency criteria, displaying the real and complete cost for customers of each individual transaction they make.
Crypto exchanges that allow their customers to make transfers to international accounts “can also be assigned,” warned the media.
The rules would also have an impact on crypto exchanges which operate from outside Brazil, traders are also potentially limited by transaction ceilings of $ 10,000.
Source: Ariadne Ariadnerb
The point of sale noted that the proposals “do not approach” the investment functions on the EFX platforms, but rather focus “only on currency transactions”.
The consultation period takes place until November 2, wrote the bank in its document.
The popularity of crypto continues to increase rapidly in Brazil and in the wider region of Latin America. The citizens of Venezuela and Argentina turned to stablecoins like USDT en masse in order to challenge inflation.
And Nubank, the largest Neobank in Brazil, unveiled plans this month to pilot a payment platform based on Stablescoin.
Read the new Brazilian Forex rules of the central bank could have an impact on the exchanges of Crypto by Tim Alper in Cryptonews.com
