Brazil’s Strict Capital Rules Could Push Most Crypto Firms Out of the Market Brazil’s central bank now requires VASPs to meet stricter capi…
Brazil’s Strict Capital Rules Could Push Most Crypto Firms Out of the Market
Brazil’s central bank now requires VASPs to meet stricter capital and compliance requirements, with some firms facing capital requirements of up to BRL 37.2 million (about $7.2 million). Of roughly 300 VASPs in Brazil, only 20–25 are estimated to qualify for licensing, with around 10 expected to ultimately be approved.
VASPs must apply by Oct. 30. Those that do not apply will have 30 days to wind down operations. Bitnuvem, NovaDAX, Digitra and Coinext have announced plans to end or restructure their retail businesses, without explicitly citing the new rules.