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Brazil’s Central Bank Tightens Financial System Security After Cyberattacks

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Brazil’s central bank unveiled new rules on Friday to bolster the resilience of the financial system following a wave of cyberattacks targeting financial institutions.

Effective immediately, non-authorized payment institutions connected to the National Financial System Network through IT providers will face a 15,000 reais ($2,767) cap on digital transfers. Central bank Governor Gabriel Galipolo explained that nearly all corporate transfers using Pix or TED already fall below this threshold, meaning the cap will mainly disrupt criminal attempts to move large sums in single operations.

“This measure is aimed at organized crime, not the financial institutions,” Galipolo stressed. By forcing attackers to carry out multiple smaller transactions, the central bank hopes to make illicit activity easier to detect.

In addition, the deadline for unauthorized firms to apply for a banking license has been moved up from December 2029 to May 2026, accelerating regulatory oversight. Going forward, no payment institution will be allowed to operate without prior approval.

Regulation director Gilneu Vivan also announced that long-awaited cryptoasset regulations will be issued later this year, building on a framework approved by Congress in 2022. Officials have raised concerns about the use of stablecoins in illicit financial flows.

Galipolo reassured markets that the banking system remains sound, despite heightened scrutiny. “There is no risk to Brazil’s banking system. The system is stable and there is no threat whatsoever,” he said.

On geopolitical risks, Galipolo called U.S. sanctions against Brazilian Supreme Court Justice Alexandre de Moraes under the Magnitsky Act “unusual.” While he declined to comment on the central bank’s recent decision to block the acquisition of lender Master by BRB due to confidentiality, he noted that all board decisions are taken collectively and based on technical grounds.

The sanctions against Moraes — which freeze his U.S. assets and restrict business with American firms — have sparked questions about potential spillover effects on Brazilian banks with U.S. operations, though the central bank said it is closely monitoring the situation.

Ripple to Acquire Stablecoin Payments Platform Rail for $200 Million to Expand Market Leadership

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Ripple announced plans to acquire Rail, a Toronto-based stablecoin payments platform, for $200 million in a deal expected to close in Q4 2025 pending regulatory approval. The acquisition aims to enhance Ripple’s stablecoin infrastructure and strengthen its position in cross-border stablecoin payments.

Rail, backed by Galaxy Ventures and Accomplice, facilitates cross-border payments using stablecoins, boasting faster settlement times and lower transaction costs compared to traditional fiat payments. Rail currently processes around 10% of global stablecoin payment volume.

Ripple, closely associated with the XRP token and its own stablecoin RLUSD, highlighted that integrating Rail’s technology will bring virtual accounts and automated back-office operations to its payment solutions. Monica Long, Ripple’s president, emphasized that clearer regulations and market maturity have created ripe conditions for growth in stablecoin payments.

This move follows a recent U.S. law signed by President Donald Trump establishing a federal regulatory framework for stablecoins, potentially accelerating mainstream adoption of digital assets for everyday payments.

Ripple also disclosed an earlier acquisition plan for Hidden Road, a multi-asset prime broker, in a $1.25 billion deal intended to boost RLUSD’s utility.

RLUSD, launched last year, currently has a market cap exceeding $611 million, competing with dominant stablecoins like Tether and Circle’s USDC.

UK’s FCA to Strengthen Payment Firms’ Safeguarding Rules from May 2026

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Britain’s Financial Conduct Authority (FCA) announced stricter regulations for electronic payment firms, effective from May 2026, aiming to better protect customers’ money by ensuring it is kept separate from firms’ own funds. This move follows growing consumer exposure to risks associated with payment providers as their use has surged dramatically in recent years.

The FCA’s reforms will require larger payment firms to submit monthly reports and undergo annual audits, as well as conduct daily checks to confirm the correct safeguarding of customer funds. These rules will apply to payment institutions, e-money institutions (EMIs), and credit unions that issue e-money.

The regulator highlighted recent failures in the sector, such as foreign exchange broker Argentex, which entered special administration last month after liquidity problems caused by market volatility. Between 2018 and mid-2023, failed payment firms showed an average shortfall of 65% in safeguarding customers’ funds.

Matthew Long, FCA’s director of payments and digital assets, emphasized the importance of these reforms to protect consumers from losing money when firms fail, and noted the FCA will monitor firms’ compliance to decide if further rules tightening is needed.

UK Finance, representing the finance industry, welcomed effective safeguarding but urged careful assessment to avoid imposing unrealistic demands, especially on smaller firms, and to maintain international competitiveness.