The Central Bank of Brazil has, at last, finalized part of the regulation tackling virtual asset service providers (VASPs) and stablecoin transactions, establishing the rules that these must follow to operate in the country.

With this development, virtual assets are integrated into the financial market, as now VASPs will have to obtain authorization from the central bank to operate. Exchanges that fail to follow these new rules will have to abandon the Brazilian market, having a period to notify their users about this development.

Regarding stablecoins, they are now considered equivalent to foreign currency, given that the new rules establish that “buying, selling, or exchanging virtual assets referenced in fiat currency are included in the foreign exchange market.” This has tax implications that will have to be defined by the tax authorities of the country at a later date.

This means that now VASPs will also have to receive authorization to conduct international transactions, and will have a limit of $100K per transaction directed to an unidentified counterparty.

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The Argentine justice system continues to advance in the Libra case, the meme coin shared by President Javier Milei, whose price downfall affected thousands.

Marcelo Martinez, the federal judge overseeing the case, ordered freezing any assets and goods belonging to Hayden Davis, one of the co-founders of Libra, and two crypto entrepreneurs who allegedly operate parallel exchange houses in Argentina.

Favio Camilo Rodríguez Blanco and Orlando Rodolfo Mellino register inflows in their cryptocurrency accounts coming from Davis on key dates, including immediately after a meeting between David and President Milei on January 30. On that date, Milei also posted a selfie with Davis, stating that he was an artificial intelligence (AI) and blockchain adviser.

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The new rules recently issued by the Central Bank of Brazil regarding stablecoins are garnering rejection due to the effects they could have on the adoption of these tools in the country.

A law draft introduced to the Congress by Representative Rodrigo Valadares seeks to suspend the effects of these rules, accusing the Central Bank of overreaching by proposing these sweeping changes.

The reconsideration of stablecoins operations as foreign currency transactions is at the heart of this draft, as Valadares argues that there is no precedent for this innovative consideration. Therefore, the draft states that the bank exceeded its authority in this sense.

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• What recent regulations has the Central Bank of Brazil implemented regarding stablecoins?
  The Central Bank finalized regulations requiring virtual asset service providers (VASPs) to obtain authorization for stablecoin transactions, treating them as foreign currency.

• What developments are occurring in the Libra case in Argentina?
  The Argentine justice system has ordered the freezing of assets belonging to Hayden Davis and two associates for their involvement in the Libra meme coin case linked to President Milei.

• What action is being taken against the Central Bank of Brazil’s stablecoin rules?
  A draft law introduced by Representative Rodrigo Valadares aims to suspend the new rules, claiming the Central Bank has overstepped its authority in defining stablecoins as foreign currency.

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