BRASILIA (Reuters) -Brazil’s central bank on Monday released long-awaited rules for trading virtual assets, including cryptocurrencies, that will extend existing rules against money laundering and terrorism financing to virtual-asset service providers.

Latin America’s largest economy approved a legal framework for cryptocurrencies in 2022, but its rollout hinged on complementary regulation from the central bank, which later held four public consultations on the matter.

Meanwhile, crypto use has surged, prompting central bank governor Gabriel Galipolo to raise concerns over the growing use of stablecoins, pegged to real-world assets like the U.S. dollar, often linked to illicit activity.

“New rules will reduce the scope for scams, fraud, and the use of virtual asset markets for money lau

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