Stablecoins Surge in Brazil: A Need for Clear Regulation

In Brazil, the rise of stablecoins, particularly those pegged to the US dollar, is driven by a desire for easier access to currency, protection against exchange rate fluctuations, and a hedge against inflation’s impact on purchasing power. This trend highlights the growing importance of stablecoins in the Brazilian financial landscape.

Stablecoins Dominate Crypto Transactions

Stablecoins have become the most popular type of virtual asset among Brazilians. In 2024, total declared virtual assets reached R$ 317.9 billion, with stablecoins accounting for approximately 70% of this volume, according to the Federal Revenue Service. USDT alone represented R$ 210.04 billion, significantly surpassing Bitcoin’s R$ 54.6 billion.

Proposed Regulation: A Step Forward

The introduction of Bill 4.308/2024 by Federal Deputy Áureo Ribeiro, aimed at regulating stablecoins, marks a relevant and necessary step towards establishing a regulatory framework in Brazil. This demonstrates the legislator’s concern for enhancing legal certainty, protecting consumers, fostering innovation, and aligning the country with international best practices regarding stablecoins.

Areas for Improvement

While the effort is acknowledged, the bill requires technical refinements, particularly in terms of conceptual precision, preserving the regulatory competence of the Central Bank as defined by Decree No. 11.563/2023, and avoiding rigid regulations that could hinder the sector’s evolution and consolidation.

Defining Stablecoins

The proposed definition of stablecoin needs greater precision. The legislative definition should encompass various existing models, including assets backed by traditional assets, diversified assets, and those stabilized by algorithms. Without this distinction, the risk of restrictive interpretations and legal uncertainties increases.

Integrating with Existing Legislation

Instead of creating a separate law on stablecoins, the project should amend Law No. 14.478/2022, which already governs the virtual asset market. This approach could provide a more cohesive and effective regulatory framework.


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