The Central Bank of Brazil (BCB) has closed the application window for firms seeking to operate as virtual asset service providers. The deadline for companies already active in the market passed on October 30. According to data from Cainvest Group, 68 institutions have filed for authorization to provide services including crypto trading and custody.
The list of applicants includes major global crypto exchanges such as Binance, Coinbase, OKX, Bybit, and Kraken, alongside local platforms like Mercado Bitcoin. Traditional financial institutions are also participating, including the B3 stock exchange, Itaú Unibanco, Bradesco, Nubank, and BTG Pactual. These entities aim to compete directly in the regulated market.
Brazil currently leads the Chainalysis Global Crypto Adoption Index for 2026, with $252.5 billion in crypto activity recorded between July 2025 and June 2026. The new regulatory framework, established by Law 14,478/2022 and subsequent BCB resolutions, requires firms to obtain authorization to act as intermediaries, custodians, or brokers.
Companies that met the October 30 deadline may continue operations while the BCB reviews their applications. Those that failed to file must cease services within 30 days. Furthermore, banks and payment institutions are now prohibited from processing transactions for virtual asset providers that lack authorization or are not currently in the application process.
