The Brazilian Central Bank proposed new foreign exchange regulations, which may further restrict cryptocurrency exchanges

ChainCatcher news, according to Cryptonews, the Central Bank of Brazil has proposed new regulations for the foreign exchange industry, which may further restrict cryptocurrency exchanges.

It has released a public consultation document to gather feedback. Although the proposal does not directly mention cryptocurrency trading and exchanges, in its current form, the rules will affect trading platforms that allow customers to make international transfers or sell cryptocurrencies for currencies other than the Brazilian real. The new regulations aim to bring the largely unregulated foreign exchange industry under supervision, requiring foreign exchange providers to apply for licenses, submit customer transaction data, and use designated entry/exit points for deposits and withdrawals, with a limit of $10,000 per transaction.

The Central Bank of Brazil hopes to increase transparency in foreign exchange platforms, and local media warns that cryptocurrency exchanges facilitating transfers may be affected, while overseas operating exchanges may also face restrictions. The consultation period will last until November 2.