Brazil's Central Bank has chosen to delay the implementation of regulations for cryptocurrencies and virtual asset service providers. Instead of completing the regulatory framework by mid-2024 as initially planned, the bank now aims to introduce proposals by the end of the year. Otavio Damaso, the bank's regulatory director, announced this decision.

The Central Bank intends to roll out the regulation in stages. Following a public consultation in January, another consultation is set for the latter part of the year. The goal is to create a comprehensive regulatory structure based on feedback received, particularly in areas like asset segregation.

In India, the Securities and Exchange Board of India (SEBI) has suggested a multi-regulator approach to oversee crypto-related activities. SEBI's proposal involves regulating cryptocurrencies and initial coin offerings (ICOs), while the Reserve Bank of India (RBI) would oversee tokens backed by fiat currencies.

Additionally, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) would be responsible for managing insurance and pension-related virtual assets. This approach differs from the RBI's more cautious stance, which calls for a ban on stablecoins due to worries about fiscal stability and potential tax evasion.