Em 10/nov/2025, o Banco Central publicou três normas que fecham o arcabouço da Lei 14.478/2022 (Marco Legal de Ativos Virtuais). Em conjunto, elas: (i) criam a figura regulada das Sociedades Prestadoras de Serviços de Ativos Virtuais (SPSAV/PSAV), (ii) definem requisitos prudenciais/operacionais, e (iii) integram...
As stablecoins chegaram ao ponto de inflexão. Este boletim do BIS analisa riscos, respostas regulatórias e caminhos para integração institucional, alinhando inovação a estabilidade financeira.
A GENIUS Act cria o primeiro marco regulatório federal dos EUA para stablecoins, estabelecendo padrões de reservas, licenciamento e proteção ao consumidor. Representa um marco para reguladores e instituições, abrindo caminho para a adoção do DeFi institucional.
Introduction Blockchain technology has matured from an experimental innovation into a critical layer of modern financial and economic infrastructure. Digital assets—from cryptocurrencies and stablecoins to tokenized securities and central bank digital currencies (CBDCs)—are reshaping the way value is stored, transferred, and governed. In its ongoing initiative “The Future...
Introduction The financial sector is undergoing one of the most profound transformations since the digitization of trading in the 1980s: the tokenization of real-world assets (RWAs). Tokenization, the process of representing ownership of assets on distributed ledgers, promises to enhance market efficiency, democratize access, and improve transparency. Yet it also...
Introduction Total Value Locked (TVL) has become one of the most cited metrics in decentralized finance (DeFi). Market commentators, analysts, and even institutional investors use TVL to gauge the scale of DeFi activity and the health of specific protocols. Yet the Bank for International Settlements (BIS), in its Working Paper...
