Financial Market: main news from 15 to 19/06

On Wednesday (17), the Ministry of Finance issued Ordinance No. 1,766, signed by Deputy Minister Dario Durigan, regulating provisions of Complementary Law No. 224/2025 and Decree No. 12,808/2025 concerning tax liability related to the illegal operation of fixed-odds betting activities. The ordinance establishes joint liability for financial institutions, payment institutions and advertisers regarding the payment of taxes arising from such activities when conducted unlawfully. For financial and payment institutions, liability will arise following a formal and specific notification jointly issued by the Secretariat of Prizes and Betting (SPA) and the Brazilian Federal Revenue Service (RFB). The notification will identify the legal entity responsible for the illegal betting operation and require the adoption, within 24 hours, of restrictive measures aimed at preventing further transactions related to the activity. With respect to the dissemination of advertising or commercial promotion of unauthorized operators, joint liability applies regardless of prior notification. In both cases, liability will be formalized through a tax administrative proceeding, ensuring due process and the right to a full defense. The ordinance entered into force on the date of its publication.

MINISTRY OF FINANCE ORDINANCE NO. 1,766, OF JUNE 17, 2026

Brazilian Finance Ministry establishes joint liability for banks in illegal betting cases

On Thursday (18), the Central Bank of Brazil (BCB) issued Resolution No. 574, amending Resolution No. 277 to postpone the commencement of reporting obligations applicable to foreign exchange market transactions carried out by virtual asset service providers (VASPs). Under the previous framework, reporting was required for transactions conducted as of the May 2026 reference date, with submissions beginning in June. Under the new resolution, the reporting obligation has been deferred to transactions carried out from November 3, 2026 onwards, with reports due by the fifth day of the following month, beginning in December 2026. The following transactions remain subject to reporting: (i) international payments or transfers involving virtual assets; (ii) transfers of virtual assets between VASP customers and issuers of internationally accepted payment instruments; (iii) transfers of virtual assets to or from self-hosted wallets that do not involve international payments or transfers using virtual assets; and (iv) the monthly volume of purchases, sales and exchanges of virtual assets referenced in fiat currency where the counterparty is the VASP itself. Given the existence of other regulatory provisions addressing the same subject, further clarification from the Central Bank is expected.

BCB Resolution No. 574 of 18/6/2026

On Thursday (18), the Central Bank issued Resolution No. 575, amending Resolutions No. 277 and No. 278 to broaden the categories of entities eligible to hold foreign currency deposit accounts in Brazil. In addition to the categories previously authorized, the following entities may now maintain such accounts: (i) institutions authorized to operate in the foreign exchange market; (ii) companies holding oil and natural gas exploration and production rights; (iii) exporting legal entities; (iv) resident private legal entities that are debtors under external credit transactions; (v) Brazilian companies with direct foreign participation in their share capital; (vi) non-resident legal entities that are creditors under external credit transactions with residents; and (vii) non-resident legal entities holding a direct equity interest in companies incorporated in Brazil. The new rules also waive the requirement to execute a foreign exchange transaction for transfers of foreign currency to and from these accounts, including conversions between different foreign currencies. In addition, the resolution establishes new reporting obligations to the Central Bank, to be fulfilled by the fifth day of the month following the relevant reference period. For certain categories of account holders, eligibility will depend on proof of existing external credit transactions or foreign direct investment arrangements, as well as the proper updating of the relevant information in the SCE-Credit or SCE-FDI systems. Resolution No. 575 will enter into force on October 1, 2026.

BCB Resolution No. 575 of 18/6/2026

On Tuesday (16), the Central Bank issued Normative Instruction No. 746, amending Normative Instruction No. 512, which regulates transaction value limits applicable to Pix payments. The amendment revises the rules governing transaction limits for contactless Pix payments and for payment initiation services conducted through payment initiation service providers without user redirection. As a result, account holders whose institutions offer Pix will be allowed to request increases or reductions to the transaction limits applicable to this payment modality. Normative Instruction No. 746 will enter into force on October 1, 2026.

BCB Normative Instruction No. 746 of 06/16/2026

Central Bank eliminates R$ 500 cap for Pix contactless payments

On Tuesday (16), during the 1st Seminar on Bettor Consumer Protection and Responsible Gambling, held at the National Institute of Criminalistics of the Federal Police in Brasília, the Secretariat of Prizes and Betting (SPA) of the Ministry of Finance and the National Secretariat for Digital Rights (Sedigi) of the Ministry of Justice and Public Security entered into Technical Cooperation Agreement No. 28/2026. The initiative aims to strengthen consumer protection in Brazil's regulated betting market through institutional cooperation, with a particular focus on identifying and combating manipulative design practices ("dark patterns") used by digital platforms that may improperly influence user behavior and decision-making. The agreement provides for the exchange of information, the development of studies and research, the formulation of guidelines and recommendations, and the implementation of training and awareness initiatives addressing the risks associated with fixed-odds betting. It also contemplates analyses concerning responsible advertising, platform transparency, consumer protection mechanisms, and risk classification related to problematic gambling behavior. According to the agreement summary published in the Official Gazette on June 18, 2026, the partnership will remain in force for an initial term of three years and is expected to support the enhancement of regulatory activities and public policies related to user protection and digital rights in the online betting environment.

Justice and Finance Ministry form partnership to detect manipulative patterns in betting