Brazil’s Central Bank has decided to phase the regulation of crypto-assets and virtual asset service providers, with proposals expected by year-end. This follows a delay from earlier projections to complete the regulatory framework by mid-2024, as stated by Otavio Damaso, the bank’s director of regulation.
The Central Bank plans to split the regulatory process into phases. After concluding a public consultation in January, a new consultation is scheduled for the second half of the year. This aims to deliver a robust regulatory framework using the initial response feedback In areas like asset segregation.
Meanwhile, in India, Securities and Exchange Board of India (SEBI) has proposed that multiple regulators oversee crypto activities. SEBI proposes regulating cryptocurrencies and ICOs, with the Reserve Bank of India (RBI) handling tokens backed by fiat currencies.
Moreover, the IRDAI and PFRDA would manage insurance and pension-related virtual assets. This is in contrast to the RBI’s cautious stance, advocating for a ban on stablecoins due to concerns over fiscal stability and tax evasion.
