Gabriela de Ávila Machado
Lawyer at Marcos Martins Advogados
On November 11, the Central Bank published a public consultation on foreign exchange regulations. The Central Bank’s intention is to update the current regulations for the current technological scenario, also taking into account the new business models related to international payments and transfers.
The proposals include: (a) facilitating remittance operations, based on the G20 and the United Nations (UN) 2030 agenda, in order to increase competition and provide a better experience for users; (b) the possibility of delivering remittances directly to the recipient by crediting their account or in cash (the amount in reais will continue to be pre-established abroad and limited to R$10. 000.00 per transaction), (c) the possibility for Payment Institutions to also be authorized to operate in the foreign exchange market to carry out foreign exchange transactions up to the equivalent of US$100,000.00, as long as the requirements are met; (d) the regulation of the use of prepaid accounts by residents, domiciled or headquartered abroad, with transactions limited to R$10,000.00.
The public consultation is open for suggestions until January 29th.
