巴西已將自己確立為一個對加密友好的拉丁美洲國家

本文討論了巴西的加密貨幣法規及其如何確定自己是一個對加密友好的拉丁美洲國家。

Brazil has emerged as a leading crypto-friendly Latin American nation thanks to its balanced policies that support innovation together with regulatory control. While its status as legal tender is still pending, citizens and businesses can use, trade and invest in cryptocurrencies.

巴西已成為領先的加密貨幣拉丁美洲國家，這要歸功於其平衡的政策，該政策支持創新以及監管控制。儘管其作為法定貨幣的地位仍在審理中，但公民和企業可以使用，貿易和投資加密貨幣。

This guide explores crucial aspects of Brazilian crypto regulations which investors, businesses and users must understand. These rules facilitate legal operation and tax compliance in the rapidly expanding crypto market.

本指南探討了巴西加密法規的關鍵方面，投資者，企業和用戶必須理解這些法規。這些規則促進了快速擴展的加密市場的法律運營和稅收合規。

Main Regulatory Authorities

主要監管機構

The Central Bank of Brazil (Banco Central do Brasil, BCB) functions as the central authority while the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, CVM) and the Federal Revenue Service (Receita Federal do Brasil, RFB) serve as subsidiary bodies.

巴西中央銀行（巴西，BCB）在巴西證券交易委員會（證券委員會，CVM）和聯邦稅務局（聯邦稅務局，RFB）擔任中央當局。

Historical Context

歷史背景

Brazil began its relationship with cryptocurrency with a reserved stance. The BCB released an advisory statement in 2017 to warn about virtual currency risks because they do not carry official support.

巴西開始了與加密貨幣的關係，並保持了保留的立場。 BCB在2017年發布了一份諮詢聲明，以警告虛擬貨幣風險，因為它們不提供官方支持。

However, the regulatory bodies chose not to implement bans, which led to the natural expansion of the industry. The crypto exchange reporting requirements for tax and anti-money laundering purposes were established through RFB Normative Ruling No. 1,888 in 2019.

但是，監管機構選擇不實施禁令，這導致了行業的自然擴張。加密貨幣交易所報告要求對稅收和反洗錢目的的目的是通過2019年的RFB規範性裁決1,888建立的。

Law No. 14,478, which established the “Legal Framework for Virtual Assets” under BCB supervision, went into effect in June 2023.

在BCB監督下建立了“虛擬資產的法律框架”第14,478號法律，於2023年6月生效。

Brazil's crypto story is one of initial doubt that transformed into an organized system for cryptocurrency management. This system aims to unite market innovation with financial security measures and crime prevention efforts to become a leading crypto adoption hub in the region.

巴西的加密故事是最初的懷疑之一，它變成了一個有組織的加密貨幣管理系統。該系統旨在將市場創新與財務安全措施和預防犯罪的努力團結起來，成為該地區領先的加密採用中心。

Regulatory Framework

監管框架

Brazil's crypto oversight relies on the BCB as its central authority, which received its authorization through Law No. 14,478 to oversee Virtual Asset Service Providers including exchanges and custodians. The CVM regulates securities tokens in public offerings yet the RFB manages their taxation aspects.

巴西的加密監督依靠BCB作為其中央當局，該機構通過第14,478號法律獲得其授權，以監督包括交流和託管人在內的虛擬資產服務提供商。 CVM在公共產品中規範證券代幣，但RFB管理其稅收方面。

VASPs need to acquire BCB authorization through Siscoaf registration and corporate governance compliance to operate in Brazil. AML and KYC requirements follow the guidelines of Law No. 9,613/98 by requiring identity checks and transaction monitoring to stop money laundering and terrorism financing activities.

VASP需要通過SISCOAF註冊和公司治理合規獲得BCB授權，以便在巴西運營。 AML和KYC要求遵循法律指南9,613/98的指南，需要進行身份檢查和交易監控以製止洗錢和恐怖主義融資活動。

People who own crypto assets must file annual reports to authorities and face tax rates of 15-22.5% on profits above BRL 35,000 per month. Businesses must fulfil the same reporting duties to the RFB by sending transaction data from their exchanges.

擁有加密資產的人必須向當局提交年度報告，並且面對每月35,000級超過35,000的利潤的稅率15-22.5％。企業必須通過從交易所發送交易數據來履行RFB的相同報告職責。

ICOs and STOs need to file prospectuses with CVM unless they operate within the CVM regulatory sandbox or the securities' definition does not apply to their offerings. Utility tokens exist outside regulatory oversight unless they become involved in financial criminal activities.

除非ICO和STO在CVM監管沙箱中運行或證券定義不適用於其產品，否則需要向CVM提交招股說明書。公用事業令牌在監管監督之外存在，除非他們參與金融犯罪活動。

The regulatory framework enables both regulatory compliance and structured growth conditions for the crypto industry.

該監管框架可以為加密行業提供監管合規性和結構化增長條件。

Brazil Crypto Policies

巴西加密政策

Brazil supports cryptocurrency use for payments and investments yet it does not establish cryptocurrency as legal tender because the Brazilian Real functions as the official currency.

巴西支持加密貨幣用於付款和投資，但由於巴西的實際功能作為官方貨幣，因此並未將加密貨幣作為法定貨幣。

Law No. 14,478 established crypto as an official payment option during 2023, which created better conditions for wider adoption.

第14,478號法律在2023年期間建立了加密貨幣作為正式付款方式，這為更廣泛的採用創造了更好的條件。

The Brazilian Central Bank has allowed crypto mining operations under its productive process classification since 2019 while offering tax exemptions on SHA256 mining equipment until December 31, 2025, to encourage mining activities.

自2019年以來，巴西中央銀行允許其生產過程分類下的加密礦業開採業務，同時向SHA256採礦設備提供免稅，直到2025年12月31日，以鼓勵採礦活動。

The Brazilian Central Bank is working on developing its Central Bank Digital Currency “Digital Real” through 2025 pilot programs to expand financial access for all.

巴西中央銀行正在通過2025年的飛行員計劃開發其中央銀行數字貨幣“數字貨幣”，以擴大所有人的財務訪問。

Failure to comply with regulations leads to harsh legal consequences under Law No. 14,478, which mandates four to eight years of imprisonment for crypto-related fraud and money laundering through virtual assets receive enhanced penalties that reach one-third or two-thirds of the original sentence.

未能遵守法規會導致第14,478號法律造成嚴重的法律後果，該法律要求通過虛擬資產進行四到八年的監禁，以判處加密相關的欺詐和洗錢，獲得了增強的罰款，命中率達到了原始刑期的三分之一或三分之二。

The regulatory framework remains strong due to the fact that unauthorized VASPs face both closure and financial penalties.

由於未經授權的VASP面臨封閉和經濟處罰，監管框架仍然很強。

Country's Approach to Crypto Innovation

國家的加密創新方法

Brazil fosters crypto innovation through regulatory sandboxes. The CVM's sandbox program has authorized initiatives for tokenized securities trading to develop regulations that suit emerging markets.

巴西通過監管沙盒促進加密創新。 CVM的Sandbox計劃已授權為令牌化證券交易計劃制定適合新興市場的法規。

The BCB's Financial and Technological Innovations Laboratory (LIFT) initiated its operations in 2018 to develop blockchain solutions that enhance the National Financial System.

BCB的財務和技術創新實驗室（LIFT）於2018年啟動了其運營，以開發增強國家金融體系的區塊鏈解決方案。

The adoption of crypto continues to expand as Mercado Bitcoin succeeds in business and retailers adopt crypto payments. The 2024 LAPIN study on digital asset regulation receives support from Ripple as an initiative to advance blockchain development.

隨著Mercado Bitcoin在業務中成功，零售商採用加密貨幣付款，加密貨幣的採用繼續擴大。 2024年關於數字資產監管的Lapin研究獲得了Ripple的支持，作為提高區塊鏈開發的主動性。

The combination of regulatory oversight with experimental freedom makes Brazil an innovative center for crypto and blockchain development throughout Latin America.

監管監督與實驗自由的結合使巴西成為整個拉丁美洲的創新加密和區塊鏈開發中心。

Notable Challenges and Issues

顯著的挑戰和問題

The national consistency of Brazil's crypto regulations suffers from enforcement difficulties because of cryptocurrency decentralization which makes AML efforts more challenging due to anonymous transactions.

由於加密貨幣權力下放，巴西加密法規的全國一致性遭受了執法困難，這使AML由於匿名交易而更具挑戰性。

The BCB's March 2025 X posts revealed a proposed stablecoin withdrawal ban to self-custodial wallets which demonstrates the ongoing struggle between regulatory control and user freedom

BCB在2025年3月的X帖子中揭示了擬議的Stablecoin戒斷禁令，以證明監管控制與用戶自由之間的持續鬥爭