Bank

Brazil’s Central Bank has decided to phase the regulation of crypto-assets and virtual asset service providers, with proposals expected by year-end. This follows a delay from earlier projections to complete the regulatory framework by mid-2024, as stated by Otavio Damaso, the bank’s director of regulation. 
The Central Bank plans to split the regulatory process into phases. After <a href="https://money.usnews.com/investing/news/articles/2024-05-20/brazil-central-bank-plans-year-end-proposal-for-crypto-regulation" target="_blank" rel="noreferrer noopener nofollow">concluding</a> a public consultation in January, a new consultation is scheduled for the second half of the year. This aims to deliver a robust regulatory framework using the initial response feedback In areas like asset segregation. 
Meanwhile, in India, Securities and Exchange Board of India (SEBI) has <a href="https://www.cryptotimes.io/2024/05/16/indias-sebi-open-to-crypto-regulation-unlike-reserve-bank/" target="_blank" rel="noreferrer noopener">proposed</a> that multiple regulators oversee crypto activities. SEBI proposes regulating cryptocurrencies and ICOs, with the Reserve Bank of India (RBI) handling tokens backed by fiat currencies.&nbsp; 
Moreover, the IRDAI and PFRDA would manage insurance and pension-related virtual assets. This is in contrast to the RBI’s cautious stance, advocating for a ban on stablecoins due to concerns over fiscal stability and tax evasion.

Brazil Central Bank Delays Crypto Regulation Implementation

The Crypto Times

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