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The International Monetary Fund (IMF) report states that cross-border cryptocurrency flows in Brazil have continued to grow since 2017, surpassing traditional capital flows in scale. Stablecoins drive the majority of capital flows and are related to international and local investment indicators and policy factors. The Brazilian central bank has regulated the VASP industry, but there are shortcomings in customer protection and asset segregation, and it is necessary to fully implement AML/CFT international standards. The Brazilian Congress is currently reviewing Bill 4308/2024 to regulate the status of stablecoins, and regulatory agencies need to establish a more comprehensive reporting mechanism.