- Exchanges must separate their funds from clients’ assets.
- Crypto firms to use bank-level security standards.
- Move will boost confidence in the crypto industry, says expert.
Brazilian regulators say crypto exchanges will soon have to adhere to the same liability and security standards as the traditional financial sector.
The country’s permit-holding crypto trading platforms must begin submitting daily reports proving they have sufficient funds to cover the cost of hacks or other leaks, the central bank announced in a resolution on February 27.
The new rules also stipulate that exchanges must adopt the same data protection and confidentiality criteria that apply to Brazilian commercial banks.
“Investors will enjoy more security thanks to…
