Brazil's Central Bank Proposes New Regulations Impacting Cryptocurrency Exchanges

According to PANews, Brazil's central bank has introduced new regulations for the foreign exchange sector, potentially affecting cryptocurrency exchanges. The bank has released a public consultation document seeking feedback on the proposed rules, which, while not explicitly mentioning cryptocurrency transactions or exchanges, could impact platforms that allow international transfers or sell cryptocurrencies in non-Brazilian fiat currencies. The new regulations aim to bring the largely unregulated foreign exchange industry under supervision, requiring forex providers to apply for licenses and submit customer transaction data. Additionally, transactions must be conducted through designated entry and exit points, with a single transaction value capped at $10,000. Brazil's central bank intends to enhance transparency within forex platforms. Local media have warned that cryptocurrency exchanges facilitating transfers may be affected, and those operating overseas could also face restrictions. The consultation period for these proposed regulations will continue until November 2.