News

The National Monetary Council of Brazil, together with the Central Bank of the country, decided on the position of crypto platforms in the financial system. This happened thanks to Resolution No. 5280, which now extends the Banking Secrecy Act to all those who work with virtual assets. The document has already been published and has entered into force.

Companies that store, exchange, or transfer virtual assets are now considered financial institutions. This means that they are subject to the same banking secrecy requirements as regular banks.

The Central Bank of Brazil explained that such a decision is designed to create equal conditions for all players in the financial market. In their opinion, the introduction of banking secrecy for crypto exchanges will help protect the personal data of customers who are being verified under the KYC program. In addition, the new status obliges these platforms to take a more responsible approach to information security and compliance with personal data protection rules.

Another document describing accounting rules for transactions with virtual assets has been added to the resolution on banking secrecy. This act introduces uniform standards for the financial accounting of cryptocurrency transactions, setting requirements for their recognition, evaluation and disclosure.

Experts note that this solution brings clarity to the issues of protecting the data of clients of cryptoplatforms. At the same time, the new status of VASPs (virtual asset service providers) requires them to implement enhanced security measures similar to banking ones.

The adoption of these documents means that Brazil has established a basic regulation for the cryptocurrency market. Cryptoplatforms are now officially recognized by financial institutions with all the rights and obligations that follow. The unified accounting standards, which will come into force in 2027, will help unify financial statements and make data from market participants more comparable.