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Banks, Financial Services, Fintechs and Digital Assets Newsletter – January 2025
January 10th, 2025
National Monetary Council (“CMN”)
CMN Resolution No. 5,196, dated December 19, 2024
CMN Resolution No. 5,196, of December 19, 2024, amends Annex I of Resolution No. 4,222, of May 23, 2013, which addresses the Bylaws of the Credit Guarantee Fund (“FGC”), to regulate governance regarding the FGC’s partner-ships with private entities and government bodies for initiatives aimed at achieving its purposes.
CMN Resolution No. 5,196 entered into force on the date of its publication.
Read CMN Resolution No. 5,196 in full.
CMN Resolution No. 5,194, dated December 19, 2024
CMN Resolution No. 5,194, of December 19, 2024, amends Resolutions No. 4,553, of January 30, 2017; No. 4,557, of February 23, 2017; and No. 4,606, of October 19, 2017. In addition, CMN No. 5,194 also amends CMN Resolutions No. 4,945, of September 15, 2021; No. 4,955, of October 21, 2021; and No. 4,958, of October 21, 2021, excluding from their scope of application securities brokerage firms, securities distribution firms and foreign exchange brokerage firms authorized to operate by the Central Bank of Brazil (“BC”).
CMN Resolution No. 5,194 entered into force on January 01, 2025.
Read CMN Resolution No. 5,194 in full.
CMN Resolution No. 5,192, dated December 19, 2024
CMN Resolution No. 5,192, of December 19, 2024, amends CMN Resolution No. 4,897, of March 25, 2021, to allow interest equalization in the case of advanced funds in financing eligible for Proex Equalization.
CMN Resolution No. 5,192 entered into force on the date of its publication.
Read CMN Resolution No. 5,192 in full.
CMN Resolution No. 5,191, dated December 19, 2024
CMN Resolution No. 5,191, of December 19, 2024, proposes reallocating the sublimits authorized for contracting credit transactions with government bodies and entities for the 2024 financial year, by amending the Annex to CMN Resolution No. 4,995, of March 24, 2022.
CMN Resolution No. 5,191 entered into force on December 23, 2024.
Read CMN Resolution No. 5,191 in full.
Central Bank of Brazil
BCB Resolution No. 447, dated December 19, 2024
BCB Resolution No. 447, of December 19, 2024, amends Circulars Nos.: 3,634, 3,635, 3,636, 3,637, 3,638, 3,639 and 3,641, of March 04, 2013; No. 3,809, of August 25, 2016; No. 3,846, of September 13, 2017; No. 3,861 and No. 3,863, of December 07, 2017; No. 3,876, of January 31, 2018; and No. 3,979, of January 30, 2020. In addition, BCB Resolution no. 447 amends the following BCB Resolutions: No. 54, of December 16, 2020; No. 111, of July 6, 2021; No. 139, of September 15, 2021; Nos. 199, 200, 201 and 202, of March 11, 2022; No. 229, of May 12, 2022; No. 265, of November 25, 2022; No. 291, of February 08, 2023; No. 303, of March 16, 2023; No. 307, of March 23, 2023; No. 313, of April 26, 2023; No. 319, of May 18, 2023; No. 331, of June 27, 2023; and No. 356, of November 28, 2023. The resolution seeks to expand its regulatory scope to include securities brokers, securities distributors and foreign exchange brokers authorized to operate by the BC.
BCB Resolution No. 447 entered into force on January 01, 2025.
Read BCB Resolution No. 447 in full.
BCB Resolution No. 444, dated December 12, 2024
BCB Resolution 444, of December 12, 2024, amends BCB Resolution 234, of July 27, 2022, which provides for the incorporation and operation of consortium administrators.
BCB Resolution No. 444 entered into force on the date of its publication.
Read BCB Resolution No. 444 in full.
BCB Resolution No. 443, dated December 12, 2024
BCB Resolution 443, of December 12, 2024, regulates the bank slip payment arrangement, the types of bank slip instruments, their issuance and presentation, and the form of settlement for transfers of funds associated with them.
The new regulation establishes the following institutions authorized to operate by the BC can participate in the bank slip payment arrangement:
(i) providers of deposit accounts or prepaid payment accounts, as issuers, recipients and receivers of the bank slip payment instrument; and
(ii) non-providers of deposit accounts or prepaid payment accounts, as the institution receiving or receiving the collection slips in which they appear as beneficiaries.
The following regulations were also repealed: (i) Circular No. 3,598, of June 06, 2012, published in the Federal Official Gazette of Brazil (“DOU”) of June 08, 2012; (ii) Circular No. 3,656, of April 02, 2013, published in the DOU of April 03, 2013; and (iii) Circular No. 3,956, of August 01, 2019, published in the DOU of August 05, 2019.
BCB Resolution 443 entered into force on February 03, 2025.
Read BCB Resolution No. 443 in full.
BCB Resolution No. 441, dated December 04, 2024
BCB Resolution No. 441, of December 04, 2024, amends BCB Resolution No. 102 of June 07, 2021, to include, for the purposes of this resolution, the development letter of credit (“LCD”) as a financial instrument representing credit guaranteed by the FGC.
BCB Resolution No. 441 entered into force on the date of its publication.
Read BCB Resolution No. 441 in full.
BCB Normative Instruction (“IN”) No. 581, dated December 30, 2024
BCB IN No. 581, of December 30, 2024, amends BCB IN No. 511, of August 30, 2024, which establishes the necessary procedures to become a Pix participant and adjusts provisions relating to the user institution, the Automatic Pix, and resources within the scope of the Pix participant processes.
BCB IN 581 entered into force on January 01, 2025.
BCB IN No. 569, dated December 20, 2024
BCB IN No. 569, of December 20, 2024, amends BCB IN No. 103, of April 30, 2021, which establishes the procedures, documents, deadlines and information necessary for submitting authorization requests regarding the operation of payment institutions and the provision of payment services by other institutions authorized to operate by the BC, as well as the form and terms to be followed in developing the plan for the termination of activities relating to payment services provided by payment institutions.
The following provisions of BCB IN No. 103, of April 30, 2021, published in the DOU of May 04, 2021, were repealed: (i) Article 8, head paragraph, items II and IV; (ii) Article 9, head paragraph, item IV; and (iii) Annex I, items 8 to 10.
BCB IN No. 569 entered into force on the date of its publication.
BCB IN No. 569, dated December 20, 2024
BCB IN No. 569, of December 20, 2024, amends BCB IN No. 103, of April 30, 2021, which establishes the procedures, documents, deadlines and information necessary for submitting authorization requests regarding the operation of payment institutions and the provision of payment services by other institutions authorized to operate by the BC, as well as the form and terms to be followed in developing the plan for the termination of activities relating to payment services provided by payment institutions.
The following provisions of BCB IN No. 103, of April 30, 2021, published in the DOU of May 04, 2021, were repealed: (i) Article 8, head paragraph, items II and IV; (ii) Article 9, head paragraph, item IV; and (iii) Annex I, items 8 to 10.
BCB IN No. 569 entered into force on the date of its publication.
IN BCB nº 560, de 6 de dezembro de 2024
BCB IN No. 560, of December 06, 2024, clarifies the criteria to be followed when applying CMN Resolution 4966, of November 25, 2021, and BCB Resolution 352, of November 23, 2023.
BCB IN No. 560 enters into force (i) on the date of its publication, regarding Article 9, and (ii) on January 01, 2025, regarding the other provisions.
Joint Resolution No. 13, dated December 03, 2024
Joint Resolution No. 13, of December 03, 2024, provides for non-resident investment in the financial and securities markets. The regulation governs flows, stocks, investor registration and the provision of information relating to non-resident investment in the financial and securities markets, including through the depositary receipts mechanism.
For the purposes of the joint resolution, the following definitions are established for the concepts of:
(i) investor: an individual or legal entity, funds and other collective investment vehicles, as an individual or collective investor;
(ii) custodian institution: the financial institution or institution authorized by the BC to provide custody services in Brazil, and the institution authorized by the Brazilian Securities Commission (“CVM”) to provide securities custody services in Brazil, within the scope of their respective powers;
(iii) depositary receipts: certificates issued abroad by a depositary institution, representing assets deposited in specific custody in the country;
(iv) depositary institution: the foreign institution subject to financial regulation and supervision in its country of origin, which issues the corresponding depositary receipts;
(v) sponsoring company: the issuer, in the country, of the assets which are subject to the depositary receipts program and signatory of a specific agreement with a depositary institution; and
(vi) intermediary: the financial institution or institution authorized to operate by the BC through which the investor trades investments in the financial market or securities market.
Finally, the following regulations were repealed: (i) Resolution No. 2,687, of January 26, 2000, published in the DOU of January 27, 2000; (ii) Circular No. 3,689, of December 16, 2013, published in the DOU of December 17, 2013; (iii) Resolution No. 4,373, of September 29, 2014, published in the DOU of October 01, 2014; (iv) Resolution No. 4,569, of May 26, 2017, published in the DOU of May 30, 2017; (v) Resolution No. 4,761, of November 27, 2019, published in the DOU of November 28, 2019; (vi) CMN Resolution No. 4,852, of August 27, 2020, published in the DOU of August 31, 2020; (vii) BCB Resolution No. 281, of December 31, 2022, published in the DOU of December 31, 2022; and (viii) Articles 2 and 3 of BCB Resolution 348, of October 17, 2023, published in the DOU of October 19, 2024.
Joint Resolution No. 13 entered into force on January 01, 2025.
Read Joint Resolution No. 13 in full.
Central Bank indicates opportunity for discussions on proposal for listing and delisting cryptocurrencies
The BC has allowed room for “subjective speculation” concerning the listing and delisting of cryptocurrencies by brokers in the proposal to regulate virtual asset service providers (“VASPs”), according to Humberto Cestaro Mendes, a BC attorney, at the event “Regulation and Opportunities with Digital Assets” organized by Demarest together with the Brazilian Association of Fintechs (“AB-Fintechs”).
The issue was raised by our partner in the Banking and Finance practice area, Fabio Braga, and is supported by Public Consultation Notice (“ECP”) No. 109, published in November 2024, on the proposal for a BC resolution that regulates the incorporation and operation of VASPs, the provision of virtual asset services by other institutions authorized to operate by the BC and also the proposal for a CMN resolution that amends and consolidates the regulations on charging fees for the provision of services by financial institutions and other institutions authorized to operate by the BC.
Approval of PL on asset segregation in crypto companies could impact BC’s proposal
According to Humberto Cestaro Mendes, the BC’s attorney, the institution managed to include the segregation of assets of crypto exchanges from those of their clients through the proposed regulation of companies in the sector, which is currently underway (ECP No. 110). However, Bill (“PL”) No. 4.932, currently in progress in the National Congress, could still affect this discussion.
During the “Regulation and Opportunities with Digital Assets” event, organized by Demarest together with ABFintechs, Humberto said that the implementation of asset segregation will always be a concern for the BC and that, if the new law does not address these operational aspects, the BC will have to do so.
In the opinion of our partner, Fabio Braga, who heads the Banking and Finance practice area, the BC has found what it considers to be a fair solution to the issue of asset segregation, since it has created “within the infralegal regulation, the obligation to segregate by offering a payment account”. Thus, the matter would be settled under Law No. 12,865 of October 09, 2023, which provides for payment arrangements and payment institutions that are part of the Brazilian Payment System (“SPB”).
Proposal to integrate crypto assets into foreign exchange is a first step and does not impose inappropriate requirements, says BC’s attorney
According to Humberto Cestaro Mendes, the BC’s attorney, ECP No. 111 is the first step towards bringing crypto transactions into the foreign exchange market without creating new requirements that may be inappropriate, since regulatory authorities are still assessing the sector’s development.
Also, according to Humberto, the BC has initially delimited the scope of this integration and, as far as possible, has compared it to BCB Resolution 277. However, stablecoins referenced in foreign currency also have a relationship with foreign currency accounts, which should, due to reserve assets, bring challenges regarding their regulation in the coming years.
Read our client alert on Public Consultation No. 111/2024.
Regulation of virtual assets and transformation of the financial market
According to Diego Perez, president of ABFintechs, at the event organized by Demarest “Regulation and Opportunities with Digital Assets,” the importance of regulating virtual assets for fintech is crucial to ensuring a safe and reliable environment for activities in the virtual asset services sector to enable sustainable growth.
Therefore, three fundamental pillars stand out for the regulation of this sector:
(i) User protection: The regulation must protect consumers from risks such as fraud, scams and cyber attacks;
(ii) Market development: Creating the conditions for Brazil to maintain its leadership in financial innovation, both regionally and globally, is important; and
(iii) Competitiveness: The regulatory environment must allow new players to challenge the status quo, encouraging banks and fintechs to continuously innovate.
BC opens public consultation on proposal to revise regulations on interbank foreign exchange transactions
On December 13, 2024, the BC published ECP No. 112, which announces a proposal for a BCB resolution aimed at amending BCB Resolution No. 277, of December 31, 2022, to improve the provisions on interbank foreign exchange transactions.
The proposal is aimed at simplifying regulations on interbank foreign exchange transactions. In short, the following provisions are highlighted:
(i) increasing the efficiency of providing information to the BC on interbank foreign exchange transactions, considering transactions with and without the participation of the clearing house or provider of clearing and settlement services;
(ii) equalizing the treatment of interbank foreign exchange transactions with foreign exchange transactions with clients regarding (a) free formalization and (ii) the time schedule for providing information to the BC;
(iii) providing that a banking institution authorized to operate in the foreign exchange market may carry out a foreign currency purchase or sale transaction with a foreign institution subject to financial regulation and supervision in its country of origin, in exchange for Brazilian reais received or sent from an account in Brazilian reais held by said foreign institution with a bank authorized to operate in the foreign exchange market;
(iv) allowing automatic settlement, early settlement, alteration or cancellation, subject to the agreement of the parties; and
(v) identifying interbank exchange transactions relating to gold classified as a foreign exchange instrument by currency code, instead of purpose codes.
Interested parties can submit contributions by March 14, 2025, through the links www.gov.br/participamaisbrasil and www.bcb.gov.br and e-mail de-reg@bcb.gov.br.
BC announces public consultation on interoperability fees between payment arrangement receivables registrars
On December 20, 2024, the BC published ECP No. 113, which announces a proposal for a BC resolution that regulates the standardization of interoperability events that can be charged between payment arrangement receivables registrars, in addition to establishing the maximum limits for the amounts of these fees and their collection methods.
In general terms, ECP No. 113 seeks to provide a normative solution to the regulatory problems identified in the Regulatory Impact Analysis (RIA), in addition to encouraging efficiency in the provision of interoperability services between payment arrangement receivables registrars and competition in the credit market based on these receivables.
In addition, the following interoperability events are standardized and can be charged for:
(i) schedule consultation (batch and online flow), with available charge per schedule;
(ii) contract effect, charged per receivables unit (“UR”), every month in which the UR is active for at least one day (does not apply to cases of UR due in previous months); and
(iii) contract update, with collection per updated UR.
Interested parties can submit contributions by February 03, 2025, through the links www.gov.br/participamaisbrasil and www.bcb.gov.br, and e-mail decem.dipea@bcb.gov.br.
CMN regulates the use of real estate as collateral in more than one real estate credit transaction
On December 19, 2024, the CMN approved CMN Resolution No. 5,197 of December 19, 2024, amending Resolution No. 4,676 of July 31, 2018, which provides for members of the Brazilian Savings and Loan System (“SBPE”), the Housing Finance System (“SFH”) and the Real Estate Financing System (“SFI”). It also establishes the general conditions and criteria for the contracting of real estate financing by financial institutions and other institutions authorized to operate by the BC and regulates the allocation of funds raised from savings deposits.
Among the key points of the resolution, we highlight the following:
(i) Definitions (for various institutes);
(ii) Credit quota limit;
(iii) Predominant credit transaction;
(iv) Credit quota criteria;
(v) New transactions with the possibility of different conditions;
(vi) Loans to individuals secured by residential real estate
(vii) Clause updating the outstanding balance by a price index
(viii) Collateral for real estate credit transactions.
CMN Resolution No. 5,197 will enter into force on July 01, 2025.
Read our client alert on CMN Resolution No. 5,197.
Projections for the cryptocurrency market in Brazil in 2025
On December 26, 2025, our partner, Fabio Braga, from the Banking and Finance practice, was interviewed by the legal portal Lex Legal, on the transformation of the cryptocurrency market in Brazil, following the consolidation of the Legal Framework for Crypto Assets (Law No. 14.478/2022).
According to Braga, the entry of traditional banks and brokers into the cryptocurrency market should boost investor confidence since “a regulated and predictable environment facilitates large-scale adoption and promotes sustainable growth in the sector.”
Also, according to experts, the introduction of new technologies, such as secondary layers in Bitcoin (L2), should make the market more efficient and reduce costs, facilitating large-scale adoption. Thus, 2025 is expected to be a more mature, robust and reliable year for the cryptocurrency market.
New ordinances regulate the transfer of player data and funds and the immediate implementation of advertising rules
The Secretariat of Prizes and Betting of the Ministry of Finance (“SPA/MF”) published two new ordinances, which are:
- SPA/MF Ordinance No. 1.857, of November 25, 2024, which regulates the transfer of data and funds of fixed-odds bettors between legal entities of the same economic group, seeking to initiate the regulated market; and
- SPA/MF Ordinance No. 1,902, of December 05, 2024, regarding the immediate implementation of advertising rules in SPA/MF Ordinance No. 1,231/2024, which defines guidelines for responsible gambling, in addition to regulating marketing, communication, advertising and publicity actions for the betting sector.
Read SPA/MF Ordinance No. 1,857 in full.
Read SPA/MF Ordinance No. 1,902 in full.
Read our client alert on SPA/MF Ordinances No. 1,857 and No. 1,902.
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