Brazil’s Central Bank Finalizes Crypto Rules, Launches Licensed Virtual-Asset Providers

Overview

• Three resolutions (BCB 519, 520, 521) were published on November 10, with legal effect on February 2, 2026 and FX/capital reporting mandatory from May 4, 2026.
• SPSVAs are created as licensed providers classified as intermediaries, custodians or brokers, with governance, AML/CFT, security, internal controls and disclosure obligations.
• Providers must segregate client assets from firm assets, maintain documented policies, conduct proof-of-reserves and publish independent biennial audit reports.
• Specified crypto flows enter the FX and international capital frameworks, including cross-border payments, stablecoin FX trades and transfers to or from self-custody wallets; a US$100,000 cap applies when the counterparty lacks FX authorization, with wallet owners identified and flows verified.
• Market access requires a locally constituted entity and BC authorization within a nine-month window from February 2026, noncompliant firms must cease in 30 days, algorithmic stablecoins are banned and CMN minimum capital floors range from R$10.8 million to R$37.2 million.