1. The BCB has introduced a 24-hour preventive hold mechanism to strengthen fraud prevention in transactions involving virtual assets
The BCB published, on Friday (7), BCB Resolution No. 584, which broadens the scope of BCB Resolution No. 142/2021 and now requires virtual asset service providers (VASPs) to adopt specific procedures and controls, bringing the sector into line with the latest initiatives to protect users of the financial system. The main innovation of the regulation is the creation of a mechanism for the temporary preventive retention of assets for up to 24 hours, applicable to transfers destined for VASPs based abroad or to self-custodied wallets when the transaction exceeds US$10,000, either individually or when considering the total amount transacted by the customer on the same day, as well as in situations classified as higher risk by the institutions’ management and monitoring models. The aim is to reduce opportunities for the rapid conversion of fraudulently obtained funds into virtual assets and their transfer to environments that hinder recovery, thereby preserving user confidence and the sustainable development of the market. The new rules come into force on 1 January 2027.
BCB Resolution No. 584 of 7/8/2026
Central Bank strengthens fight against fraud with new rules for virtual asset transfers
ABcripto criticizes the retention of 'crypto' transfers for up to 24 hours
Brazil's central bank orders exchanges to delay large crypto transfers abroad
2.Banks and crypto companies target stablecoins for foreign exchange and international payments, according to a survey by KPMG and ABCripto
Last Tuesday (12th), the results of the survey “Stablecoins: a market perspective on issuance models, governance and regulation” were published. Conducted by KPMG in partnership with ABCripto, the survey gathered insights from bank executives and VASPs on value propositions, business models, governance and the Central Bank of Brazil’s new rules. International transactions were identified as the main value proposition (33 per cent), with businesses as the predominant target audience (34 per cent), and half of respondents envisage their use primarily as infrastructure for international payments and foreign exchange. Regarding structure, 67 per cent advocate full backing by cash or government bonds, 38 per cent prefer custody with regulated financial institutions, and 89 per cent favour governance centralised with the issuer. Liquidity and regulatory risks top the list of concerns, and the BCB’s new resolutions were viewed positively by 60 per cent of respondents, who highlight the integration of stablecoins into the Brazilian foreign exchange market and the professionalisation of the sector. In summary, the survey points to the consolidation of stablecoins as a bridge between the traditional financial system and cross-border flows.
3. RAD and split payment advance as the tax reform approaches, but companies still have doubts about the operation
At an event organised by Toku in São Paulo on Tuesday (11th), executives and experts discussed the impact of tax reform on the payments sector, focusing on the Acquirer Collection Scheme (RAD) and split payment. Under the RAD, the acquirer or another party responsible for settlement collects the IBS and CBS taxes owed by the supplier; under split payment, the system itself separates the taxes at the time of financial settlement and directs them to the tax authorities, based on the link between the electronic tax document and the transaction. Split payment will be phased in from March 2027, starting with optional B2B transactions (TEF, TED, boletos and Pix), and the acquirer’s choice will take precedence over the supplier’s. Challenges include the review of contracts and tax clauses, the adaptation of systems for issuing tax invoices, and the coexistence of the current regime with the new model during the transition. Although the mechanisms are progressing according to the regulatory timetable, the market still faces significant operational uncertainties, which create opportunities for technology and financial infrastructure solutions aimed at ensuring compliance.
RAD and 'split payment' are progressing, but companies have doubts about how they work
4. Harvard and NYU study highlights the role of self-regulation and Anbima in the development of the Brazilian capital markets
On Thursday (13), Anbima presented the study “Anbima: Pillar of Brazil's Financial Markets”, prepared independently by researchers Mariana Pargendler (Harvard Law School) and Kevin Davis (NYU School of Law), based on interviews with regulators, academics, and market participants. The study highlights, as a distinctive feature of the Brazilian model, a self-regulation system that combines rulemaking, supervision, and enforcement, coupled with technical cooperation with regulators, fostering high standards of conduct and strengthening market confidence. According to the authors, Anbima plays a role of institutional coordination in a market marked by a diversity of participants, interests, and business models, helping to reduce information asymmetries, disseminate best practices, and build consensus around standards that promote the integrity and efficiency of the markets. Overall, the study demonstrates how private coordination mechanisms can complement state action in the development of sophisticated markets, offering lessons that may inspire other jurisdictions.
ANBIMA: Pillar of Brazil’s Financial Markets
5. BCB presents the Pix Management Report 2023–2025 and the system’s development roadmap for the coming years
On Monday (10th), the BCB published the second edition of the Pix Management Report for 2023–2025 and set out the platform’s development roadmap. Pix has established itself as an essential public digital infrastructure: in 2025, around 80 billion transactions were recorded, totalling over R$35 trillion, with usage by 148 million individuals and 12.8 million businesses. Among the features already rolled out during this period are contactless Pix, Automatic Pix and MED. The development roadmap includes initiatives such as offline contactless Pix (“Pix without internet”), the international roll-out of the system through bilateral interconnections and participation in multilateral hubs, tax splitting, the payment of book-entry invoices via QR code, a fraud probability indicator, and the enhancement of mechanisms for blocking and removing problematic keys. The report reaffirms the maturity and systemic relevance of Pix and signals a new cycle of development focused on security, international interoperability and integration with the tax and credit frameworks.
Fintechs already dominate half of the transactions made through Pix, says the Central Bank
