Lourdes S. Casanova, senior lecturer and director of the Emerging Markets Institute at the Cornell S.C. Johnson College of Business at Cornell University: “According to the 2025 Global Crypto Adoption Index, Brazil processed $318.8 billion in crypto-asset transactions between July 2024 and June 2025— about one third of the total estimated for Latin America—making it the region’s largest market for digital assets. Brazil ranks fifth globally in this index. Given this significant level of activity, the country’s new rules for virtual-asset trading represent an important step toward aligning the crypto ecosystem with Brazil’s broader financial-compliance and regulatory framework. Brazil’s new rules for virtual-asset trading mark a major step toward aligning the crypto ecosystem with the country’s broader financial compliance framework. The central bank’s regulations extend full AML/ CFT requirements to virtual-asset service providers (VASPs), mandating customer due diligence, real-time transaction monitoring, reporting…”