Financial Market: main news from April 7 to 11
From the BIS’s warning on cryptoassets and DeFi to the Central Bank’s new priorities, Brazil’s regulatory landscape is undergoing strategic updates in payments, open finance, credit, and public offerings
1. BIS highlights risks of DeFi and cryptoassets to financial stability
The Bank for International Settlements (BIS) published a study this Tuesday (15th), stating that although cryptoassets and decentralized finance (DeFi) aim to replicate the functions of the traditional financial system, their specific characteristics introduce new risks to financial stability. According to the BIS, elements such as smart contracts, decentralized exchanges, and stablecoins may lead to information asymmetries, inefficiencies, and challenges in emerging markets. In this context, the BIS suggests the implementation of tailored regulatory measures, including rules embedded in smart contracts and stricter oversight of stablecoins, in order to balance innovation and security within the sector.
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Cryptocurrencies and decentralised finance: functions and financial stability implications
2. Pix, open finance, real estate credit, and electronic trade receivables are among the Central Bank of Brazil’s priorities for this year
At the 8th Compliance & Business Day hosted by the Brazilian Exchange Association (Abracam), the Executive Secretary of the Central Bank of Brazil (BCB), Rogério Lucca, outlined the institution’s four key priorities for 2025: developments in Pix, the Open Finance ecosystem, new funding sources for real estate credit, and the implementation of electronic trade receivables (duplicata escritural). Among the innovations in Pix are Pix Automático (automatic payments), Pix Parcelado (installment payments), Pix Garantia (guaranteed Pix), and the new MED 2.0 protocol. In the Open Finance agenda, the focus lies on enabling credit portability and standardizing data flows to facilitate credit access for companies—especially small and medium-sized enterprises (SMEs). The Central Bank is also exploring alternatives to savings accounts as a funding source for the housing sector and will regulate the new framework for electronic trade receivables to enhance transparency in credit operations. Finally, Lucca emphasized the institutional restructuring of the Central Bank, including new hires and an increased budget to support the innovation agenda.
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Pix, open finance, real estate credit and notarial duplicate: the BC's priorities for this year
3. Abracam proposes changes to the bill on stablecoins
Abracam presented suggestions to Bill No. 4,308/2024, which regulates stablecoins and is currently under review in the Brazilian Chamber of Deputies. The association submitted a document proposing changes to the current draft, such as the removal of the requirement that only institutions authorized by the Central Bank of Brazil (BCB) be allowed to issue this type of asset. Abracam argued that many stablecoin issuers are foreign entities that do not interact directly with consumers. The association also advocates for the use of the term “stable virtual asset” to promote terminology standardization, the distinction between issuers and traders of stablecoins, and the reassignment of the responsibility for supervising the asset backing of stablecoins to the Central Bank of Brazil, instead of the Brazilian Securities and Exchange Commission (CVM), as proposed in the current version of the bill.
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Abracam sends document with suggestions for bill on stablecoins
4. Update of agreement between CVM and ANBIMA brings changes to the rules for analyzing public offerings
On Tuesday (April 15), ANBIMA and the Brazilian Securities and Exchange Commission (CVM) announced an expansion of the public offering framework outlined in their technical cooperation agreement. Under this agreement, the self-regulatory organization (ANBIMA) conducts a preliminary review of certain public securities offerings before they are formally registered with the CVM. With this update, issuances of Credit Rights Investment Funds (FIDC), Funds of FIDC Quotas (FIC-FIDC), and new types of underlying assets for Real Estate Receivables Certificates (CRI) are now eligible for preliminary review by ANBIMA. This change, which is already in effect, aims to accelerate the review and registration process for public offerings, addressing the recent growth of the market — particularly following CVM Resolution No. 175/2022, which authorized public offerings of FIDC quotas to retail investors.
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CVM and ANBIMA update public offering matrix provided for in technical cooperation agreement
5. BIS proposes visual model to describe payment systems
On Monday (April 14), the Bank for International Settlements (BIS) published a study proposing a formal model to describe payment system architectures, with the goal of standardizing and facilitating comparisons across various formats — whether existing or under development. The proposed framework uses diagrams to represent three core functions of payment system architectures: issuance/withdrawal, custody, and transfer of funds. The model is applicable to payments made via cash, cards, electronic money, stablecoins, as well as domestic and cross-border transfers. Its purpose is to support central banks, regulators, and the private sector by offering a visual, technical, and comparable tool for analyzing payment systems.
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