The Central Bank of Brazil has published four new resolutions establishing the country’s first comprehensive regulatory framework for virtual asset services. The rules—Resolutions 517, 519, 520, and 521—create a formal authorization regime for Virtual Asset Service Providers (VASPs), define operating standards for these firms, and integrate certain cryptoasset activities into Brazil’s foreign exchange framework. The regulations take effect in February 2026, with transition periods for institutions already active in the market. 

Anbima participated in the public consultation that shaped all three resolutions, contributing technical input that helped refine the scope of activities, governance requirements, and safeguards included in the final framework. 

Mandatory authorization and capital requirements 

The new rules introduce mandatory licensing for companies offering virtual asset services in Brazil. Firms will be classified into three modalities—intermediation, custody, and brokerage—and must meet requirements related to governance, cybersecurity, operational risk, segregation of assets, transparency, and consumer protection. 

Minimum capital requirements were significantly increased compared with the initial proposals released during public consultation. Depending on the type of activity, VASPs must now hold R$10.8 million to R$37.2 million in minimum capital, aligning the sector with the prudential standards applied to other regulated financial institutions. 

Existing companies that already provide virtual assets services and who would like to apply for a VASP authorization will have a 270-day adaptation period starting February 2, 2026. Firms that do not meet the requirements by the deadline must cease operations and give clients 30 days to migrate their assets to an authorized provider. 

Stronger rules for risk management and anti-money laundering 

VASPs will be required to conduct client suitability assessments before enabling access to more complex virtual assets, clearly communicate risks and fees, and implement controls to detect fraudulent behavior, market manipulation, and insider trading. 

The framework also establishes strict obligations related to cybersecurity, stress testing, and liability for losses caused by operational failures. All VASPs must comply with anti-money laundering and counterterrorism financing rules equivalent to those already applied across Brazil’s financial system. 

Self-custody allowed with safeguards 

In response to feedback from the public consultation—including contributions from Anbima and other industry participants—the Central Bank maintained the possibility of transferring virtual assets to self-custody wallets. Providers must, however, identify users involved in these transfers and verify the origin and destination of funds, reinforcing risk-monitoring practices without restricting technological autonomy. 

Integration with the foreign exchange market 

Resolution 521 aligns specific virtual asset transactions with Brazil’s foreign exchange regulations, particularly in cases involving international payments, stablecoins pegged to fiat currencies, and transfers involving self-custody wallets. 

VASPs offering services in the foreign exchange segment must: 

• classify operations and identify overseas counterparties, 
   

• follow AML/CTF obligations applicable to FX transactions, 
   

• report detailed information on virtual asset FX operations starting in May 2026, and 
   

• identify holders of self-custody wallets involved in transfers. 
   

These provisions aim to increase transparency and bring international crypto flows into a fully monitored environment. 

Impact for foreign firms and traditional financial institutions 

Foreign crypto platforms operating in Brazil must transfer their activities and clients to a locally authorized VASP within the 270-day transition period. Meanwhile, banks, securities brokers, and foreign exchange brokerages are now explicitly permitted to offer virtual asset services, subject to notification and compliance requirements. 

The rules also allow VASPs to contract electronic money issuance and payment accounts under a Banking-as-a-Service model, reducing operational burdens for new entrants. 

Anbima’s contribution to the regulatory process 

Several elements incorporated into the final framework—including the clearer delimitation of responsibilities for each type of virtual asset provider, the decision to allow transfers to self-custody wallets under specific safeguards and the possibility to offer staking services by Custodian VASPs—reflect issues raised by Anbima during the consultation period. 

By contributing to the construction of this regulatory milestone, Anbima reinforces its commitment to supporting a safer, more transparent, and well-regulated environment for digital assets in Brazil’s financial and capital markets.