Credit cards and crypto banned under Brazil payment rules

Credit cards and crypto banned under Brazil payment rules

Article brief provided by iGaming Business
  • Marese O'Hagan, iGaming Business
April 18, 2024 7:53 PM
  • Marese O'Hagan, iGaming Business

Operators will not be allowed to accept credit card or cryptocurrency payments from bettors under the new payment rules established for Brazil’s regulating igaming and sports betting market.

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The Regulatory Policy of the Prizes and Betting Secretariat (SPA) and the ministry of finance published the new rules in the country’s Official Diary of the Union today (18 April). This took the form of Normative Ordinance No 615.

This aligns with the first stage of the four-part regulation rollout announced by the ministry of finance last week. This refers to implementing Bill 3,626, also known as Law 14,790, which was ratified by President Luiz Inacio Lula da Silva in December 2023.