Brazilian President Luiz Inácio Lula da Silva has signed a decree clarifying the roles of Brazil's central bank and securities regulator in regulating cryptocurrencies. The decree, which goes into effect on June 20, authorizes the central bank to regulate and supervise virtual asset service providers, while the Comissão de Valores Mobiliários (CVM) will continue to oversee token projects that qualify as securities.

The CVM aims to create a regulatory framework that aligns with the volume of crypto trades in the country and emerging markets. The decree comes as Brazil's central bank plans to pilot a central bank digital currency (CBDC) in collaboration with major payment firms. Brazil has a significant crypto market and is home to exchanges like Mercado Bitcoin and licensed foreign payment providers.

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