Brazil to require daily reports from crypto exchanges to cover hack risks

The Central Bank of Brazil plans to hold cryptocurrency exchanges to the same standards as traditional banks, DL News reported. Under a new resolution, exchanges will be required to submit daily reports demonstrating they possess sufficient funds to cover potential costs from hacks or data breaches. The central bank also mandated that these platforms adhere to the same data protection and confidentiality standards applied to commercial banks. Additionally, the bank has issued a new accounting manual that permits crypto firms to record digital assets directly on their financial statements without first converting their value into fiat currency.