Brazil's cryptocurrency industry faces a wait-and-see approach as the central bank plans to implement multi-stage cryptocurrency regulation by the end of the year. The central bank announced on May 20, 2024 that it plans to complete the regulatory proposal by the end of this year, marking a change from the previously expected completion date of June 2024. The central bank's multi-stage approach is based on a law enacted in 2022 that gives it the power to regulate the cryptocurrency industry. The central bank stressed the need for a comprehensive framework, and therefore extensive public consultation, to develop specific regulations.