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News related to Crypto / Brazil crypto regulatory framework coming by end of year
« on: Today at 02:19:16 AM »Taken from here!
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The Central Bank of Brazil said Monday it will unveil a regulatory framework for cryptocurrencies by the end of this year.
Brazil’s central monetary authority said in a statement Monday that the development of its crypto regulatory framework will be divided into several phases. The staged rollout effectively delays the South American country's plans to regulate its burgeoning digital assets industry, a move that would provide much-needed clarity to token creators and virtual asset service providers (VASP).
Brazil has been ramping up its push toward regulating crypto in the past two years. In 2022, the country's lawmakers passed a law granting the Central Bank of Brazil authority over digital asset regulation. Last December, banking officials launched a public consultation on the matter.
This is a big good news for many Brazilians who are into cryptocurrency and for firms who are doing crypto-related business in the country and can also be attracting new players from other countries to come to Brazil. I am hoping that Brazil can be a model country who recognized the pivotal role cryptocurrency can be playing for the nation's progress. Right now, more and more Latin American countries are looking at how they can have a stake in the cryptocurrency industry and make it a big and helping hand to millions of people facing the force of poverty and economic challenges. With revenue in the cryptocurrencies market is projected to reach US$1,094.0m in 2024 and user penetration will be 21.29% in 2024 and is expected to hit 24.77% by 2028, there is definitely a big potential for more growth in Brazil. Do you see Brazil to become a powerhouse market for cryptocurrency in the coming years?