Brazil’s Central Bank Finalizes Crypto Rules, Creates New Licenses and Brings Stablecoins Under FX Oversight

Overview

• The Banco Central issued Resolutions 519, 520 and 521 on November 10, 2025, with rules taking effect on February 2, 2026 and mandatory reporting of covered FX and capital flows starting May 4, 2026.
• New Virtual Asset Service Provider corporations (SPSAVs) must obtain authorization to operate in Brazil and will be classified as intermediaries, custodians or brokerages under stringent governance, AML/CFT, cybersecurity and disclosure standards.
• Providers must segregate client assets in individualized accounts, conduct proof‑of‑reserves and undergo independent audits every two years, with transparency and risk assessments required for customer relations.
• The framework folds specific crypto uses into the foreign‑exchange regime, including cross‑border payments and stablecoin trades tied to fiat, sets a US$100,000 cap per international transfer when the counterparty lacks FX authorization and permits self‑custody transfers subject to owner identification and traceability.
• Minimum capital levels jump to R$10.8 million–R$37.2 million depending on activity risk, foreign firms must form a local entity and seek approval within nine months from February 2026 or wind down in 30 days, algorithmic stablecoins are barred, and tax treatment such as IOF remains under the Federal Revenue’s purview.