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Brazil’s proposed stablecoin withdrawal ban targets self-custody wallets

Source Cryptopolitan

Brazil’s Stablecoin Withdrawal Ban, proposed by the Central Bank of Brazi (BCB), restricts centralized exchanges from transferring stablecoins to self-custody wallets, aiming to tighten regulations.

BCB may prohibit centralized exchanges from permitting stablecoin withdrawals into self-custody wallets. This restriction targets “tokens denominated in foreign currencies” to ensure compliance with Brazilian financial regulations.

The BCB gains crypto oversight under the 2022 law and sets new regulations

BCB commented on the development;

“The initiative reflects our commitment to adapting the financial system to the realities of digital assets while safeguarding the integrity of international capital flows.”
– BCB

This proposal enables the BCB to oversee the crypto industry as part of the December 2022 crypto law. Stakeholders can submit feedback on the proposal by February 28, 2025. Despite public opinions, the BCB is responsible for enforcing crypto laws.

Additionally, crypto investments, whether inbound or outbound, would be subject to the same regulatory standards as traditional investments. External credit, direct foreign investment, and Brazilian capital abroad involving crypto would require adherence to existing international capital regulations.

Under the public consultation, centralized exchanges would also need to obtain a foreign exchange license to offer stablecoin-related services.

Brazil’s Central Bank proposes a stablecoin withdrawal ban to regulate the crypto market

Brazil’s planned Stablecoin Withdrawal Ban highlights the growing significance of currencies in the financial sector. According to Brazil’s Internal Revenue Service, stablecoins accounted for 71.4% of September’s $4.2 billion crypto transactions, with Tether (USDT) leading the market. This critical book discusses the potential impacts of the new legislation on corporations and crypto traders.

In addition to limiting withdrawals, the BCB recommends stringent rules for virtual asset service providers. Adhering to conventional investment standards guarantees these companies’ compliance with global capital regulations. This strategy strikes a compromise between Brazilian crypto industry innovation and financial stability.

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