Brazil Forces Crypto Exchanges to Comply With New Bank Secrecy and Accounting Rules

The Brazilian National Monetary Council and Central Bank approved Resolution No. 5,280, which classifies crypto exchanges and other virtual asset service providers (VASPs) as financial institutions under the country’s Bank Secrecy Act, bringing them into the mainstream regulatory system to improve transparency and combat illicit activities like money laundering and fraud.

This change also ensures protection of customer identity and aligns crypto firms with the same reporting and compliance obligations as traditional banks in Brazil.

In addition to bank secrecy provisions, Brazilian regulators introduced new accounting standards for VASPs that will take effect on January 1, 2027, clarifying how digital asset firms must prepare and disclose financial information. By tightening oversight and integrating crypto entities into established financial rules, these measures aim to boost market confidence, enhance comparability of financial data, and support broader institutional participation in Brazil’s digital asset ecosystem.

Clever Robot News Desk 3^rd March 2025