Brasília – The National Monetary Council and the Central Bank of Brazil (BC) have changed the regulation on foreign exchange and international capital regulations to align with technological innovations and new business models regarding international payments and remittances.
The new measures will allow payment institutions (PI), aka fintech companies, to also operate in the electronic foreign exchange market. Now only banks and brokers can do these operations. The permission will come into force on September 1, 2022, while the other measures will on October 1 this year.
Non-bank institutions allowed to operate in the foreign exchange market such as brokers and securities distributors and foreign exchange brokers and payment institutions will be able to directly use their foreign exchange accounts abroad to settle operations carried out in the foreign exchange market.
Brazilian exporters will also be allowed to receive revenues in their payment accounts in foreign financial institutions or foreign accounts in non-bank institutions allowed to operate in the foreign exchange market.
The new regulations will also allow to receive or deliver reais in foreign exchange operations, without limitation of value, to take place from a client’s payment account held in financial institutions and other authorized institutions to operate via the BC or in PIs that participate in the Brazilian PIX system.
It’ll also be allowed that residents, domiciled or not, own prepaid payment accounts in reais. There are also other news regarding remittance services.
Translated by Guilherme Miranda
