Brazil Holds Public Hearing on Stablecoin Regulation; Industry Opposes Electronic Money Classification

According to Abcripto, Brazil's Congress held a public hearing on Bill 4308/2024 to debate stablecoin regulation and possible classification. Rapporteur Jadyel Alencar convened the hearing with representatives from the central bank, crypto associations, and other stakeholders.

Abcripto, the main industry association, submitted a technical note opposing reclassification of stablecoins as electronic money, arguing this would create regulatory conflicts and uncertainty. President Julia Rosin stated the association backs central bank oversight but advocates maintaining stablecoins' current status as digital assets to align with global standards and avoid EU-style regulatory pitfalls.