Brazil’s Halloween eve crypto deadline brings more tricks than treats
Brazil’s crypto exchanges face an application deadline on Friday, with costly requirements and unanswered regulatory questions complicating compliance.
Brazil’s crypto exchanges face an application deadline on Friday, with costly requirements and unanswered regulatory questions complicating compliance.
Cryptocurrency exchanges operating in Brazil face mounting compliance costs and unanswered regulatory questions ahead of a license application deadline.
Exchanges already operating in Brazil must apply for authorization by Friday to continue operating, but the cutoff date is just the start of a lengthy compliance process.
Under Brazil’s new rules, crypto service providers must verify the origin and destination of crypto transfers, including those involving self-custodial wallets. The rules also impose a $100,000 limit on certain international crypto transfers when the counterparty is not authorized to operate in Brazil’s foreign exchange market.