Cryptoeconomics

News, data and analysis on tokenized assets, market design and digital economic systems.

Jurisdiction · In force

Brazil

Four central bank resolutions operationalising the 2022 crypto law took effect in February 2026, requiring authorisation and minimum capital of service providers and bringing stablecoin transactions inside the foreign exchange regime.

Last verified against the primary source on

Regime
Law 14,478/2022 (crypto legal framework) + BCB Resolutions 517, 519, 520 and 521 (2025)
Status
In force (effective February 2, 2026; 270-day transition for existing providers)
Scope
VASPs (intermediation, custody, brokerage), stablecoins and crypto in the foreign exchange and cross-border payment regime

The state of play

Brazil's central bank published Resolutions 517, 519, 520 and 521 on December 1, 2025, operationalising the 2022 crypto law: mandatory authorisation for virtual asset service providers with minimum capital of 10.8 million to 37.2 million reais depending on activity, full anti-money-laundering, suitability and cybersecurity requirements, and integration of stablecoin and crypto transactions into the foreign exchange regime. The rules took effect on February 2, 2026 with a 270-day adaptation window for existing providers; BCB Instruction No. 701 of 2026, also effective February 2, 2026, requires independent technical certification with authorisation applications, and Resolution 521 became fully effective on May 4, 2026. Resolution 561, published in late April 2026, bars electronic foreign exchange service providers from settling cross-border transactions in stablecoins or other crypto assets from October 2026, while authorised VASPs may continue using stablecoins under Resolution 521. The CVM regulates tokenized assets that qualify as securities, including fixed income receivable tokens.

Frameworks

FrameworkStatusDateNote
Law 14,478/2022 (legal framework for virtual asset service providers)In force 20 June 2023Defines virtual assets and VASPs, criminalises virtual-asset fraud and designates the executive branch to appoint the supervisor, which Decree 11,563/2023 assigned to the Banco Central do Brasil.
BCB Resolution 517/2025 (virtual asset services and foreign exchange integration)In force 2 February 2026Defines regulated virtual asset services and brings crypto and stablecoin transactions within the foreign exchange and international capital rules.
BCB Resolution 519/2025 (authorisation of virtual asset service providers)In force 2 February 2026Authorisation procedures, corporate governance and fit-and-proper requirements.
BCB Resolution 520/2025 (prudential and conduct requirements)In force 2 February 2026Minimum capital of 10.8 million to 37.2 million reais by activity, asset segregation, risk management and cybersecurity obligations.
BCB Resolution 521/2025 (operational rules for virtual asset services)In force 2 February 2026Conduct-of-business, disclosure and reporting rules; fully effective from May 4, 2026.
BCB Instruction No. 701/2026 (independent technical certification)In force 2 February 2026Requires independent technical certification to accompany VASP authorisation applications.
BCB Resolution 561/2026 (restriction on crypto settlement in electronic foreign exchange)In force 1 October 2026Published in late April 2026; bars electronic foreign exchange service providers from settling cross-border transactions in stablecoins or other crypto assets from October 2026, while authorised VASPs may continue using stablecoins under Resolution 521.
CVM treatment of tokenized assets and fixed income receivable tokensGuidance 4 October 2023Guidance Opinion 40 and subsequent statements confirm that tokens representing securities or receivables fall under the securities regime and crowdfunding rules.

Products issued under this regime

  • BRZ (Transfero real-referenced stablecoin)
  • BRLA and BBRL real-referenced stablecoins
  • Itau and BTG tokenized fixed income offerings
  • Mercado Bitcoin fixed income receivable tokens
  • Nubank Cripto retail trading

Market participants

  • Mercado Bitcoin
  • Bitso Brazil
  • Foxbit
  • Nubank
  • Itau Unibanco
  • Banco BTG Pactual
  • XP Inc.
  • Binance Brazil
  • Circle Brazil
  • Transfero
  • Braza Group

On the record

Every development we have evidenced under Brazil, newest first.

Full record →

Banco Central do Brasil brings virtual asset providers inside foreign exchange rules

Banco Central do Brasil issued Resolution BCB 521, incorporating virtual asset service provider activities into the foreign exchange market rules and into the regime for Brazilian capital abroad and foreign capital in Brazil, under Law 14,478/2022 and Decree 11,563/2023. The resolution covers international payments and transfers made with virtual assets, transfers to self-custody wallets and purchases and sales of virtual assets referenced to a fiat currency, and imposes reporting obligations on providers.

Regulatory Brazil Stablecoins Banco Central do Brasil: BCB details rules on virtual assets ↗

Banco Central do Brasil publishes guidelines for a digital real

Banco Central do Brasil published general guidelines for a Brazilian central bank digital currency, drawn up by a working group formed in August 2020, setting out that the digital real would be an extension of the existing currency issued and distributed through the payments system rather than a separate instrument. The guidelines listed support for retail payments including offline use, programmable money and smart contracts, compliance with Brazil's data protection law, anti-money-laundering controls, interoperability for cross-border payments and cyber resilience as conditions of any issuance.

Research Brazil Banco Central do Brasil: Diretrizes gerais para a criação do Real Digital ↗

The weekly read on onchain market economics

What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.

No tracking pixels. Unsubscribe in one click. We do not sell or share the list.