Brazil is taking another step toward formalizing its cryptocurrency regulations. Federal Deputy Jonas Donizette introduced Bill No. 2,946/2026 on Tuesday, a proposal that would turn existing central bank rules into federal law.
The bill aims to give legal weight to several resolutions already published by the Central Bank of Brazil. These include Resolution No. 519 of 2025, which sets the requirements for virtual asset service providers (VASPs) to get authorized. Others are Resolution No. 520, covering rules for VASP operations, and Resolution No. 521, which defines which transactions count as foreign exchange operations.
What the Bill Proposes
The core idea is straightforward. Instead of relying solely on central bank resolutions, which can be changed relatively quickly, the bill would embed these rules into federal legislation. That makes them harder to alter. Donizette said the goal is to create a stable regulatory framework for both crypto companies and their customers.
Under the proposal, any company offering crypto services in Brazil would need to register with the relevant regulator. Interestingly, the bill does not specifically name the Central Bank, though it is currently the main institution overseeing these processes.
Mixed Reactions
Reception to the bill has been mixed, at least according to local media reports. Some observers think it could lead to stricter oversight of VASPs. They argue it adds to what is already a heavy regulatory burden in Brazil.
Others, though, see this as a positive development. The reasoning is that having these rules as law, rather than just central bank resolutions, brings more stability. The industry would know that the rules cannot be changed overnight. That certainty might encourage more serious players to enter the market.
What Comes Next
The bill is still in its early stages. It has to be discussed and approved by both the Chamber of Deputies and the Senate before it can become law. The original text says it is expected to be enacted on the day of its publication, but that seems to refer to a procedural step. The real work is the legislative process ahead.
Brazil has been moving toward clearer crypto rules for a while now. This bill is another piece of that puzzle. Whether it passes as is, or gets amended along the way, remains to be seen. For now, the market will watch closely.
