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Brazil\u2019s central bank (BCB) has proposed new rules for the forex sector that may place further restrictions on the country\u2019s crypto exchanges<\/a>.<\/p>\n The Brazilian media outlet Livecoins reported that the BCB has released a public consultation paper calling for feedback on its proposals.<\/p>\n These proposals focus mainly on Forex platforms, known as eFX in Brazil (short for electronic foreign exchange).<\/p>\n In fact, the bank did not make any direct reference to crypto exchanges in its proposals, nor to crypto transactions.<\/p>\n But, in their current form, the rules would impact crypto exchange platforms that allow their customers to make international transfers or sell coins for fiats other than the Brazilian real.<\/p>\n The BCB is keen to move the largely unregulated Forex industry under its supervisory umbrella.<\/p>\n Its proposals include forcing existing and new Forex providers to apply for regulatory permits.<\/p>\n Forex platforms would also have to submit data on their clients\u2019 transactions and use designated on\/off ramps for client withdrawals and deposits.<\/p>\n Furthermore, the proposals advocated capping individual transactions at a value equivalent to $10,000.<\/p>\n And the BCB wants to oblige forex platforms to boost their transparency criteria, displaying the real and full cost to customers of each individual transaction they make.<\/p>\n Crypto exchanges that allow their customers to make transfers to international accounts \u201cmay also be affected,\u201d the media outlet warned.<\/p>\n The rules would also have an impact on crypto exchanges that operate from outside Brazil, with traders also potentially limited by $10,000 transaction caps.<\/p>\n Source: Ariadne ariadnerb<\/p>\n The outlet noted that the proposals \u201cdo not address\u201d investment functions on eFX platforms, but instead focus \u201conly on currency transactions.\u201d<\/p>\n The consultation period runs until November 2, the bank wrote in its document.<\/p>\n Crypto\u2019s popularity continues to rise rapidly in Brazil and the wider Latin America region. Citizens in Venezuela and Argentina have turned to stablecoins<\/a> like USDT en masse in a bid to stave off inflation.<\/p>\n And Nubank, Brazil\u2019s largest neobank, this month unveiled plans to pilot a stablecoin-based payment platform<\/a>.<\/p>\n Read original story Central Bank\u2019s New Brazilian Forex Rules Could Impact Crypto Exchanges<\/a> by Tim Alper<\/a> at Cryptonews.com<\/p>\n<\/p><\/div>\n