Tokenization rules for wallets may pave the way for future crypto oversight in Brazil
The future for crypto oversight in Brazil
The Central Bank of Brazil has opened a formal "call for inputs" to explore potential regulations targeting the growing dominance of digital wallet platforms like Apple Pay, Google Pay, and Samsung Pay.
The initiative seeks to clarify the role of so-called token requesters—entities that generate the cryptographic codes replacing real card data in contactless transactions, according to Livecoins.
These tokens are critical to the security and convenience of modern digital payments. However, regulators warn that their control is increasingly concentrated in the hands of large technology firms, raising concerns over market asymmetry, operational costs, and systemic risk.
A shift in the regulatory landscape
Though unrelated to blockchain-based tokens, the Central Bank’s proposal touches on foundational issues in the digital asset space: control, disintermediation, and infrastructure governance. By moving to regulate token requesters, the Bank aims to formally integrate them into Brazil’s Payment System, subjecting them to fee caps, transparency rules, and participation guidelines.
This process is not yet a formal regulation draft, but a pre-consultation effort—Call for Inputs No. 118/2025—designed to solicit feedback from industry, consumers, and civil society. Regulators stress the need for balance: enough oversight to ensure fairness and competition, without stifling innovation.
Crypto advocates are watching closely. While the current discussion does not directly involve decentralized tokens, it may set legal precedents that affect future regulation of tokenization, stablecoins, and projects like Drex—the Central Bank’s initiative to tokenize the Brazilian real.
By addressing how tokens are governed in traditional finance, Brazil may be laying the groundwork for a more expansive regulatory framework that includes cryptocurrency and decentralized finance in the near future.
Meanwhile, Brazil has solidified its status as a global leader in crypto, with 26 million citizens—16% of the population—owning digital assets. This ranks the country sixth worldwide in crypto adoption, highlighting its growing impact in the sector.
