Only 40 crypto firms apply for Brazil licensing as most exit market
CIE News ·
Confirmed by 2 independent news outlets.
About 40 crypto firms applied for licensing under the Central Bank of Brazil's regime, leaving non-applying platforms a 30-day window to wind down before fiat transfers are blocked.
Only around 40 virtual asset service providers applied for operational licenses under the Central Bank of Brazil's regulatory framework before the statutory deadline, according to Bitcoin.com News. Industry expectations had anticipated between 150 and 200 applications. The remaining 75% to 80% of companies that failed to file authorization requests under BCB Resolutions 519, 520, and 589 must wind down their local operations within 30 days.
Platforms that filed on time, including Binance and Itaú, may continue operating while the central bank reviews their applications, a process that can take up to two years. Tiago Severo of law firm Panucci, Severo e Nebias Advogados stated that low participation was driven by strict capital requirements and compliance rules, which include daily client custody reports, monthly proof-of-reserve submissions, and three years of audited financial statements.
Starting on November 6, 2026, domestic commercial banks and payment processors are required to block fiat transactions for any virtual asset service provider operating outside the regulatory framework.
Key facts
- 40 VASP applications filed
- 30-day wind-down period
- Fiat blocks begin Nov 6, 2026
- Reviews take up to 2 years
Read the original at BeInCrypto