Pagos Opens 2026 With Regulatory Debate as Brazil’s Crypto Rules Take Effect

Overview

• At its 42nd meeting on January 28, Pagos gathered executives to assess new Central Bank requirements and the outlook for competition in Brazil’s payments and fintech markets.
• Executives highlighted Resolutions 197 and 538, which raise capital and information‑security standards and bring fintechs and smaller institutions closer to big‑bank requirements.
• New cryptoasset norms took effect in February 2026, with detailed reporting to the Central Bank becoming mandatory from May 2026.
• A cited report counted 28 million Pix‑related frauds in 2025, and ISH Tecnologia logged over 132,000 intrusion attempts in the first quarter of 2025, with 20.18% targeting financial institutions.
• Pagos underscored industry coordination on risk prevention, noting its subacquiring committee launched in 2024, while speakers warned that tighter rules could favor incumbents without careful calibration and dialog.