The Central Bank established this Monday (10) new rules for the authorization and provision of virtual asset services (cryptoassets). With the change, PSAVs (Virtual Asset Service Provider Companies) will need authorization from the Central Bank and will be subject to inspection, which guarantees greater trust and protection for the user.
PSAVs will have to clearly communicate risks, security policies and fees, in addition to evaluating the risk profile of each client before allowing more complex operations. Furthermore, providers must have mechanisms to identify and prevent fraudulent practices, such as price manipulation and the use of privileged information.
The standards also establish that providers must follow strict data and digital asset protection standards, carry out stress tests and fully respond for failures or
losses caused by negligence. According to the BC, the changes will reduce opportunities for scams, fraud and money laundering.
See who can be a Virtual Asset Service Provider:
- Virtual Asset Service Provider Companies (SPSAVs);
- Multiple, commercial, investment and foreign exchange banks;
- Securities brokers and distributors and foreign exchange brokers.
The monetary authority regulated which activities or operations with virtual assets are included in the foreign exchange market and which situations are subject to international capital regulation.
The regulation extends to entities that provide virtual asset services all regulations that deal with topics such as: protection and transparency in relationships with customers; prevention of money laundering and terrorist financing; governance requirements; security; internal controls; provision of information; among other obligations and responsibilities.
