📣 Brazil 🇧🇷: regulator proposes that fintechs report transaction costs

📣 Brazil 🇧🇷: regulator proposes that fintechs report transaction costs

The proposal aims to monitor money flows involved in illicit activities, particularly on payment platforms. The Ministry of Finance is the main driver behind this initiative.

➡️ Focus on the Pix System: The monitoring will target payments made through the Pix instant transfer system, raising concerns within the financial sector.

➡️ Main objective: The goal is to regulate transactions in sectors such as crypto assets, online gambling, and the trade of traditional and electronic cigarettes, which, according to the Brazilian Senate, are linked to organized crime financing.

➡️ Background: The oversight proposal was first introduced in 2024, but it was paused due to strong public opposition.

➡️ Context: The Pix system, launched by Brazil’s Central Bank in 2020, processes over $338 billion USD in monthly transactions. With the upcoming recurring payments feature, e-commerce is expected to add another $30 billion USD to transaction volumes. In 2024, 47% of Brazilians used digital wallets for payments.

#news #Brazil #fintech

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