Brazilian central bank overhauls fintech regulation
Central bank took inspiration from Basel III with phased introduction of regulations for payment firms
The Central Bank of Brazil (BCB) issued a new set of fintech regulations covering payment firms on March 11, its first update to key rules for the sector in nine years.
The BCB intends for the new rules to spur competition in the space and rein in riskier business structures.
The central bank said the new regulations had become necessary in the years since the bank’s major regulatory update, issued in 2013. Fintech firms have since extended into novel lines of business accompanied by new risks
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