The Central Bank of Brazil (BC) is considering new rules for the use of cryptocurrencies in the foreign exchange market, which could make the operations of crypto companies in the country 'unsustainable', according to Guilherme Sacamone, country manager of OKX in Brazil. In an interview with EXAME during the Web Summit Rio 2025, Sacamone expressed concerns about the proposal to prohibit the self-custody of stablecoins by Brazilians, preventing the transfer of these assets to users' own wallets. He argues that this measure could cause a complete disruption in the cryptocurrency market in Brazil and make it unsustainable for crypto companies to maintain operations in the country.
Sacamone emphasized the importance of a regulatory framework that protects consumers without isolating them, highlighting that stablecoins reflect the essence of the cryptocurrency market and provide a democratic way for people to protect themselves against fluctuations of the real against the dollar. He also warned that excessively restrictive regulation could push investors to companies operating outside Brazil, resulting in the loss of trades and taxes currently handled by Brazilian brokers.
OKX, one of the largest cryptocurrency exchanges in the world, is cooperating with the Central Bank in the public consultation on stablecoins and plans to launch an exclusive app for digital wallets in Brazil, in addition to bringing the OKX Pay payment tool to the country.
