With the growth of crypto in Brazil and worldwide in recent years, the debate over the need for regulation has gained international relevance. However, the movement is still initial and has gaps in understanding about the object to be regulated, since there is no clear regulatory trend with multiple adherence in the same direction, as in the case of Open Finance. The result is companies and users finding it difficult to follow the situation to make decisions. 

In this edition of Bulletin Propague – a periodic report that monitors and analyzes the financial market’s regulatory trends – we look at the regulatory debate in countries whose actions have drawn attention recently. Then, we contextualize the situation in Brazil and point out trends that can be expected in the country and the international scenario.

The market will need to adapt to a regulatory framework in the short to medium term, focused on protecting the user, ensuring the stability of the financial system, reducing information asymmetry, and using CBDCs to compete with stablecoins. These trends appear for the cryptocurrency market in Brazil and worldwide. 

What is still uncertain is the construction of regulatory instruments and their respective outcomes. On this front, looking at the successes and mistakes of countries with already approved structures may be a path to a less turbulent and more favorable trajectory for the Brazilian market.

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