In response to Brazil’s Central Bank public consultation on the prudential treatment of virtual assets, Anbima has proposed changes to the exposure limits applicable to different types of virtual assets and tokens.

“The security of the virtual asset market depends on rules that safeguard the integrity of transactions throughout their entire lifecycle. Anbima has worked to help foster a regulatory environment that reduces vulnerabilities and enhances market protection, creating the conditions for these assets to develop with credibility and consistency,” said Eric Altafim, a director at Anbima.

The Central Bank classifies virtual assets and tokens into groups according to their level of risk and complexity, with each group subject to specific minimum reporting and capital requirements.

At the lower-risk end are security tokens. At the higher-risk end are cryptoassets without recognized hedges, considered the most complex and highest-risk category.

Under the draft regulation, when exposures are fully allocated within a lower-risk group, allocating just 1% of the total to a different type of virtual asset would automatically reclassify the institution’s entire portfolio as higher-risk capital — cryptoassets without recognized hedges — directly affecting capital requirements and increasing funding costs.

Proposal

As an alternative, Anbima proposes a two-trigger model: once the 1% threshold is exceeded, only the excess portion would be classified in the more complex group. Full reclassification would occur only if total exposure surpasses 2%.

This approach reduces the risk of portfolio-wide reclassification driven by temporary price fluctuations and is aligned with international best practices. “Prudential rules are essential to maintaining the balance between innovation and system stability. It is therefore critical that these standards are operationally viable for institutions and able to mitigate risks without creating unintended side effects,” Altafim added.

The new rules are expected to be published in the first half of 2026. Anbima has suggested that the final deadline for full market adaptation be set for January 2028, given the systemic, contractual, technological, and reporting complexities involved, which require an adequate transition period.

Anbima’s ongoing engagement

Following the publication of Resolutions 519, 520 and 521 — the final stage in implementing Law 14,478/22, which regulates virtual asset service providers — Anbima has continued to engage with the Central Bank to address market questions and monitor the implementation of the rules.

The expectation is that the authority will develop additional regulatory initiatives to address pending issues, including rules for the issuance of stablecoins and the definition of taxonomy — areas in which Anbima is directly involved.