Brazil Cracks Down on Crypto and Credit Card Use for iGaming Payments
Kate Marshal
22 April 2024
Comment 0
Brazilian operators can no longer accept player payments via credit cards or cryptocurrency. This is part of new payment rules from the Regulatory Policy of the Prizes and Betting Secretariat (SPA) and the Ministry of Finance.
Now, only electronic transfers between the accounts of operators and bettors, authorized by the Central Bank of Brazil, can be used for withdrawals and payouts.
Furthermore, operators are barred from accepting payments into a player’s account from third parties.
Virtual accounts will track the player’s betting history, deposits, and withdrawals for the past 36 months for regulatory reporting.
In addition, operators will be tasked with managing liquidity risks. This includes creating a financial reserve of a minimum amount of R$5 million ($953,597), earmarked to cover winnings. This reserve will be held in a financial institution authorized by the Central Bank.
These new rules took effect recently, on April 18th.
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