The Central Bank’s recent proposals to amend Resolution No. 277/2022 may bring further implications for the stablecoin market — cryptocurrencies pegged to the dollar, such as USDT and USDC — in Brazil.
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Among the main impacts is the possibility of criminalizing operations carried out in decentralized environments, such as DeFi protocols (decentralized finance), OTC (over-the-counter) markets and P2P (peer-to-peer) transactions.
In Brazil, through the amendment of Resolution No. 277, the Central Bank of Brazil intends to consider operations with stablecoins as exchange transactions, which means, as a rule, criminalizing decentralized operations involving stablecoins, contradicting one of the fundamental principles of operation of the cryptoasset market.
In effect, if the Central Bank's understanding prevails, currently subject to public consultation, in the same way as in relation to exchange transactions, by force of article 3 of Law 14,286/2021, transactions involving stablecoins may only be carried out through institutions authorized to operate in the exchange market.
In other words, carrying out operations in decentralized environments, such as DeFi protocols (decentralized finance), OTC (over-the-counter) markets and P2P (peer-to-peer) transactions, are now criminalized, as will be seen in depth in the topic below.
Criminalization through Heterogeneous Blank Penal Norms
Brazilian criminal law provides for the criminalization of unauthorized exchange transactions, as per article 22 of Law No. 7,492/1986, which establishes:
“Carrying out an unauthorized exchange transaction, with the purpose of promoting the evasion of foreign currency from the country: Penalty – imprisonment of 2 to 6 years and a fine.”
In turn, the concept of “unauthorized exchange transaction” depends on complementary regulations, such as those issued by the Central Bank.
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