Overview
- Banco Central do Brasil published Resolutions 519–521 on November 10, creating an SPSAV/VASP licensing regime with minimum capital of 10.8 million to 37.2 million reais depending on activity.
- Purchases, sales and transfers of fiat‑pegged virtual assets are classified as foreign‑exchange operations, with monthly reporting of international crypto activity starting May 4, 2026.
- Transactions with unlicensed foreign counterparties are limited to $100,000 per transfer, and licensed intermediaries must identify owners of self‑custody wallets that interact with them.
- Existing providers have nine months from February 2, 2026 to meet the new standards or cease operations, and foreign firms must establish local entities to serve Brazilian customers.
- Industry groups welcomed regulatory clarity but warned high capital requirements and the tight timeline could reduce competition in a market where stablecoins make up about 90% of activity and roughly $319 billion moved over the past year.