The National Monetary Council (CMN) and the Central Bank (BC) changed foreign exchange and international capital regulations to align them with technological innovations and new business models on international payments and transfers. “The new rules seek to promote a more competitive, inclusive and innovative environment for the provision of services to citizens and companies that send or receive funds from abroad”, informed the BC.
The new measures will allow payment institutions (IPs), the fintechs, authorized to operate by the BC, to also operate in the foreign exchange market, operating exclusively in electronic media. Currently, only banks and brokerages can carry out transactions. This permission will come into effect on September 1, 2022 and the other measures on October 1 of this year.
According to BC, non-banking institutions authorized to operate in the foreign exchange market, such as brokers and distributors of securities and foreign exchange brokers and payment institutions, may directly use their foreign currency accounts held abroad to settle transactions carried out on the foreign exchange market.
Brazilian exporters may also receive their receipts in a payment account held in their name at a financial institution abroad or in an account abroad of a non-banking institution authorized to operate in the foreign exchange market
The new regulations also allow the receipt or delivery of reais in foreign exchange transactions, without limitation of value, can also take place from the customer’s payment account maintained at financial institutions and other institutions authorized to operate by the BC or at IPs participating in the PIX.
Residents, domiciled or headquartered abroad will also be allowed to hold prepaid payment accounts in reais.
In a note, the BC explained that the regulation of international payment or transfer services in the foreign exchange market will also be consolidated and modernized, providing uniform treatment for purchases of goods and services carried out with the participation of card issuers for international use, of companies international payment facilitators and intermediaries and representatives in international parcel acquisitions. Such services will be referred to in the foreign exchange regulations by the term eFX.
In this sense, it will be allowed, through the eFX platform, the carrying out of current unilateral transfers and fund transfers between accounts maintained by the client in the country and abroad, up to US$ 10 thousand.
The approved standards were object of Public Consultation No. 79/2020, available between November 12, 2020 and January 29, 2021. The modernization of the exchange system and the introduction of new technologies also paves the way for the implementation of the international PIX, a tool still under study at BC that will allow real-time transfer of resources from Brazil to abroad.
On the BC website, there is a space for questions and answers about the new regulation.