BRAZIL Trends and Developments Contributed by: Vanêssa Fialdini, Mariana de Azevedo Mendonça and Jorge Augusto de Holanda Souza, Fialdini Advogados
intersect with payments, foreign exchange, financial stability and AML/CFT. The overall direction, however, is already visible. Brazil is not moving toward a prohibition-based model. It is building a regulated digital-asset market in which crypto-asset services are expected to meet financial- sector standards. The result may be a more demand- ing environment, but also a more credible one. For compliant institutions, the new framework may cre- ate opportunities for institutional adoption, partner- ships with traditional financial institutions and the development of regulated products. For unlicensed or offshore-only providers, the window for operating informally in Brazil is closing.
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