Central Bank Of Brazil Launches Public Consultation On VASP Regulation
The Central Bank of Brazil is actively seeking public input on the regulation of Virtual Assets Service Providers (VASPs) within the country.
In light of the approval and sanction of the cryptocurrency assets law in December 2023, the bank has initiated a comprehensive public consultation to gather feedback from market participants and individuals. To facilitate this, the Central Bank of Brazil has introduced a detailed 38-item questionnaire covering various themes such as asset segregation, risk management, activities and virtual assets traded, hiring essential services, governance and conduct rules, cyber security, providing information and protecting customers, transition rules, and general manifestations.
Notably, asset segregation, initially proposed in the cryptocurrency assets law, is a significant consideration, and its exclusion from the final text may impact VASP operations. These regulations could also influence tax exemptions for mining projects utilizing renewable energy, despite their omission from the final text. Respondents must provide their input by January 31, 2024, and the bank will make all responses publicly available on its website for review.
Clever Robot News Desk 20th December 2023
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