Brazil Central Bank Finalizes Crypto Rules, Creates Licensed Providers and Brings Stablecoins Into FX Regime

Overview

• Three resolutions create the SPSAV license and classify crypto service providers as intermediaries, custodians or brokers, with banks and certain brokerages also permitted to operate.
• The rules take effect on February 2, 2026, with a nine‑month window to apply; firms that fail to comply must notify clients and shut down within 30 days, and foreign platforms must form a local entity and seek authorization.
• Cross‑border crypto activity, including fiat‑referenced stablecoin transactions, is integrated into the FX framework with mandatory reporting to the Central Bank starting May 4, 2026.
• International transfers face a US$100,000 cap when the counterparty is not an authorized FX institution, and providers must identify owners of self‑custody wallets and document asset origin and destination.
• Consumer‑protection and prudential measures mandate segregation of client assets, individual accounts, biennial independent proof‑of‑reserves audits, robust AML/CFT controls with suspicious‑activity reports to Coaf, and higher minimum capital of R$10.8 million to R$37.2 million.