Brazil's Central Bank Sets High Bar for Crypto Operators

The Brazilian crypto market is undergoing significant changes as the Central Bank of Brazil introduces new regulations. The bank has set high capital requirements, and only a small percentage of current operators are expected to apply for licenses.

Crypto industry professionals estimate that between 150 and 200 companies currently operate in the segment. However, due to stricter rules, fewer than 10% of these companies are expected to apply for Central Bank authorization, which would allow them to remain in business. The estimated number of firms seeking a license as a Virtual Asset Service Provider (VASP) is around 10.

Companies that were already operating before the new rules took effect have until October 30 to submit the first stage of their authorization applications. Those that do not apply will have 30 days to wind down their operations.