In late February, we responded to the Central Bank’s public consultations on virtual asset regulation. Our suggestions aimed to align the proposed texts with the practices of existing service providers, adapting them to this new business model.

The three consultations sought to establish regulations for the provision of services related to virtual assets. One addressed the operation of Virtual Asset Service Providers (VASPs), another focused on the authorization process, and the third covered the inclusion of these providers’ activities and operations in the foreign exchange market.

Our key recommendations in each consultation:

Virtual Asset Service Providers

The consultation outlines the creation of three types of VASPs: intermediary, custodian, and brokerage. It also sets minimum capital requirements for each category and establishes rules for the contracting of essential services, such as liquidity providers and custody technology services.

In our response, we aimed to define more clearly the responsibilities of each VASP category to ensure that institutions operate more effectively. We considered the specificities of each type of entity, particularly concerning anti-money laundering (AML) and counter-terrorism financing (CTF) measures, as well as the transaction analysis process for each investor.

Regarding VASP responsibilities, we also suggested the introduction of a new investor category: the qualified institutional investor—legal entities with greater influence in negotiations with VASPs.

One of our proposals was to expand trading models to adequately encompass existing types, such as bilateral transactions and over-the-counter (OTC) trades, which take place outside traditional exchanges.

For asset custody, ANBIMA proposed distinguishing fiduciary custody from custody technology services. We emphasized the need to adjust the regulation to clarify that technology service providers are not considered VASPs, as they are auxiliary services provided by institutions not regulated by the Central Bank.

Foreign exchange market

The consultation states that Virtual Asset Service Providers must obtain specific authorization to operate in the foreign exchange market. In our response, we reinforced the importance of clearly defining VASP activities in this sector.

Our main recommendation concerns the transfer of virtual assets to self-custodied wallets (digital wallets that allow investors full control over their assets). The proposed draft regulation prohibits this practice. However, we suggested allowing such transfers under specific criteria and controls, such as a transaction limit of up to $1,000. This request aligns with international due diligence and anti-money laundering standards.

Background

The documents submitted on February 28 were developed in collaboration with industry participants, through a working group composed of representatives from our member institutions.

The draft regulations are aligned with discussions initiated last year when we participated in the consultation on regulatory principles. Since then, we have maintained ongoing interactions with the Central Bank to contribute to the process.

Virtual assets are a key topic under ANBIMA in Action, the Association’s set of priorities for the 2025-26 biennium. One of our initiatives will be to develop self-regulation for virtual asset custody services.

Learn more about ANBIMA in Action

This strategic plan was developed based on extensive consultations with our members, new market players, regulators, and ANBIMA leadership. The resulting agenda is built on three pillars: representation, data intelligence, and cost reduction for compliance.

In addition to initiatives under these three pillars, ANBIMA in Action 2025-2026 includes topics that are already in progress, either because they are strategic for the market or for the future of the Association: sustainability, international investment, digital finance, artificial intelligence, and education.