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Brazil Central Bank Tightens Cryptocurrency Rules to Curb Fraud and Illicit Payments

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Brazil’s central bank has issued long-awaited regulations for virtual assets and cryptocurrencies, introducing stricter controls aimed at preventing money laundering, fraud, and terrorism financing.

The new framework, which takes effect in February 2026, extends traditional financial-sector safeguards to virtual-asset service providers (VASPs), including brokers, distributors, and exchanges operating in the country.

“New rules will reduce the scope for scams, fraud, and the use of virtual asset markets for money laundering,” said Gilneu Vivan, the bank’s director of regulation, during a press conference in Brasília.

Brazil, Latin America’s largest economy, approved its first legal framework for cryptocurrencies in 2022, but the rollout had been delayed pending regulatory guidance from the central bank. Authorities conducted four public consultations before finalizing the new rules.

Under the regulations, all virtual-asset transactions pegged to fiat currencies — such as the U.S. dollar or the Brazilian real — will be classified as foreign exchange operations. This also applies to international payments or transfers using cryptocurrencies, including those settled via cards or electronic platforms.

Central bank governor Gabriel Galipolo has voiced concerns over the rapid growth of stablecoins, which he said are increasingly being used as informal payment tools, often to bypass tax and oversight systems.

The new framework also mandates stronger governance, transparency, and internal control standards, as well as customer protection and compliance obligations for all crypto-related firms.

Analysts view the move as a major step in Brazil’s effort to bring digital asset markets under tighter regulatory supervision, as crypto adoption continues to expand across Latin America.

Cyberattack on Brazil Tech Provider Disrupts Reserve Accounts of Several Financial Institutions

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Brazil’s central bank revealed on Wednesday that C&M Software, a technology services provider catering to financial institutions without their own connectivity infrastructure, suffered a cyberattack targeting its systems. In response, the central bank ordered C&M to suspend access to the infrastructure it manages for these institutions.

Kamal Zogheib, C&M Software’s commercial director, confirmed the company was a direct victim of the attack, which involved fraudulent use of client credentials to try to access its services. Despite the breach, C&M said its critical systems remain intact and fully operational, with all security protocols activated. The company is working closely with the central bank and Sao Paulo state police as investigations continue.

Brazilian financial institution BMP and five other banks reported unauthorized access to their reserve accounts during the Monday attack. These reserve accounts, held directly at the central bank, are used solely for interbank settlements and are separate from client accounts, which were unaffected. BMP stated it has taken appropriate operational and legal measures and holds sufficient collateral to cover any impacted amounts, ensuring no disruption to its operations or partners.

An anonymous official indicated C&M services about two dozen smaller financial institutions, and the financial impact of the attack does not reach billions of reais. Another source confirmed no losses were sustained by clients.

The central bank refers to these affected entities as “financial institutions lacking their own connectivity infrastructure,” including many digital payment providers that have grown rapidly in Brazil. The Pix instant payment system, operated by the central bank since late 2020, has become the country’s most popular payment method, driving competition and innovation in the sector.

Sberbank CEO Questions Benefits of Russia’s Digital Rouble Initiative

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German Gref, CEO of Russia’s largest lender Sberbank, expressed skepticism on Wednesday about the potential advantages of Russia’s digital rouble project, aside from possible benefits in cross-border settlements. Speaking at a financial forum in St Petersburg, Gref said he did not personally see the need for digital roubles and was uncertain how they would significantly improve Russia’s financial system.

The Bank of Russia recently announced that from September 1, 2026, Russian banks will be required to enable customers to make payments using digital roubles, with the project’s launch delayed by more than a year. The initiative is part of a global trend, with over 130 countries exploring digital currencies as they adapt to declining cash usage and challenges posed by cryptocurrencies like Bitcoin.

Moscow hopes the digital rouble will ease foreign trade payments complicated by Western sanctions linked to the Ukraine conflict. However, Gref highlighted that Russian banks already have advanced digital payment capabilities and reiterated his view that the digital rouble is unlikely to transform the domestic economy. While he acknowledged a potential role for the digital currency in international transactions, he sees no clear domestic advantage at present.