CandleFocus Brazil eyes prohibition on stablecoin withdrawals to self-custody wallets
2024-11-29
Author: Content Editor
The Central Bank of Brazil has proposed a regulation that would prevent centralized exchanges from allowing users to withdraw stablecoins to self-custodial wallets. This move is part of a larger crypto regulation bill approved in December 2022. The proposed rules aim to provide legal certainty, improve competition and efficiency in the foreign exchange market, and align crypto investments with traditional investment regulations. Centralized exchanges would also need a foreign exchange license to offer stablecoin-related services. The public consultation on the proposal will be open until February 28, 2025. Data from Brazil's Internal Revenue Service shows that stablecoins accounted for 71.4% of all crypto transfers in September, with Tether USD (USDT) being the dominant stablecoin.
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