The Central Bank of Brazil has decided to regulate virtual asset service providers and cryptocurrency assets in phases, with recommendations expected by the end of the year.
The phased implementation plan includes a new public consultation in the second half of the year, following the conclusion of the previous one in January. This approach aims to incorporate feedback from the initial consultation to establish a robust regulatory framework, such as asset segregation.
Otavio Damaso, the bank’s director of regulation, stated that this is due to a delay from previous estimates that the regulatory framework would be completed by mid-2024.
The Securities and Exchange Board of India (SEBI) has proposed that multiple regulators oversee cryptocurrencycurrency-related activities in India. The Reserve Bank of India (RBI) will manage tokens backed by fiat currency, while SEBI will regulate ICOs and cryptocurrencycurrencies. Additionally, virtual assets related to pensions and insurance will be overseen by the PFRDA and IRDAI.
This multi-regulator approach contrasts with the RBI’s cautious stance, which supports banning stablecoins due to concerns about tax evasion and fiscal stability.
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