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- Brazil's deadline for established crypto platforms to seek central bank licensing passed on October 30.
- New payment restrictions targeting unauthorized crypto providers take effect on Friday, November 6.
- Firms that met the application deadline may continue operating their current services during the review.
Brazil’s deadline for existing crypto providers to apply for a central bank license passed on Oct. 30. New restrictions on banks and payment companies dealing with unauthorized providers start Friday, Nov. 6.
Under transition rules, firms that filed on time can keep their existing services running during the review.
For customers, the changes could affect which crypto platforms they can keep using and whether they can move Brazilian reais between an exchange and a bank account. Firms that missed the deadline must wind down their crypto services, while providers outside the permitted framework could lose access to bank payment channels.
Firms That Filed on Time Can Keep Operating
The filing window covered crypto businesses already operating when the rules took effect on Feb. 2. They had 270 days to apply, with Oct. 30 marking the deadline for submitting the first-phase application documents.
The central bank reviews applications before granting licenses. Firms that applied on time can carry on with their existing services until the process ends but cannot add another category of crypto business during that period.
Businesses that missed the deadline have up to 30 days after the cutoff to stop providing crypto services.
Eligible banks and securities firms already offering crypto services follow a separate process. They had to tell the central bank about those activities and provide an independent technical certification showing they meet the rules.
Existing crypto providers also had to show they had risk management, cybersecurity and anti-money-laundering controls in place when they applied.
Friday’s Restrictions Cover Bank Payments and Crypto Trades
From Nov. 6, banks, payment companies and other institutions authorized by the central bank cannot carry out or support crypto operations with unauthorized providers, unless an exception in the rules allows it.
The restriction covers trading, brokerage and custody, as well as foreign-exchange services, payment accounts and payment transactions used to support those operations. Customers of providers outside the permitted framework could have trouble transferring reais into or out of their exchange accounts.
The central bank moved the restriction from Oct. 30 to Nov. 6 in September. It said the extra week would allow it to compile and publish an official list of firms in transition, covering license applicants and eligible institutions that submitted notifications.
The updated banking rule dropped wording that explicitly referred to firms still applying for authorization. It kept specific exceptions, while a separate transition clause lets firms that filed on time keep offering their existing services.
Banks need to check each provider’s status and which services they can legally keep offering. The 30 days allowed for firms to wind down do not delay Friday’s banking restrictions.
Expanded Reporting Begins on January 1
Additional changes on Jan. 1, 2027, will extend reporting requirements to eligible financial institutions offering crypto services, alongside providers in transition.
Firms must report customer account balances, how much crypto they hold in custody and what it is worth. This includes assets held in Brazil or overseas. They also need to provide verifiable proof of reserves for each asset.
Custody reports must show each customer’s total holdings and their value. Firms that offer staking must also report how much customer crypto is committed to those arrangements.
