Brazil’s central bank has prohibited the use of cryptocurrencies in regulated cross-border payments as part of a broader effort to bring international transfers within the country’s foreign exchange system. The Banco Central do Brasil issued Resolution No. 561 on Thursday, amending the eFX framework to require cross-border payments to be processed through traditional foreign exchange transactions or regulated Brazilian real accounts held by foreign counterparties, explicitly excluding cryptocurrencies and stablecoins.
Regulatory Framework and Scope
The measure does not ban cryptocurrency transfers outright in Brazil. Rather, it removes digital assets, including stablecoins, from the country’s regulated framework, underscoring the central bank’s intent to keep international transfers within monitored foreign exchange channels. This action builds on Brazil’s broader effort to bring crypto activity under financial and foreign exchange regulation, particularly as stablecoin usage has grown in the country.
Broader Regulatory Context
The prohibition is part of an escalating regulatory approach in Brazil. In November 2025, the central bank mandated virtual asset service providers to obtain authorization to operate, extending existing financial sector rules—including customer protection, governance, internal controls, cybersecurity, and anti-money laundering standards—to crypto firms. Providers were categorized as intermediaries, custodians, or brokers, with the rules taking effect in February and a nine-month grace period offered for companies to comply.
Additional regulatory developments include Finance Minister Dario Durigan pausing a planned public consultation on crypto taxation in March. Last month, Brazilian authorities also blocked Kalshi and Polymarket, citing investor protection and market integrity concerns in a sweeping ban of prediction market platforms.
Market Position
Brazil remains the largest crypto market in Latin America, ranking fifth globally in Chainalysis’ Global Crypto Adoption Index in 2025, up from 10th in 2024. Central bank chief Gabriel Galipolo previously stated there has been a continued surge in domestic crypto usage over the past three years, with around 90% of the flow linked to stablecoins.
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