Crypto-funded debit card in Brazil

The Banco Central do Brasil has been the authority for authorising and supervising virtual asset service providers since Decreto 11.563/2023 took effect on 20 June 2023. Its SPSAV authorisation rules (Resoluções BCB 519 and 520) have been in force since 2 February 2026.

Lei 14.478 of 21 December 2022 (DOU 22 December 2022), the virtual assets legal framework, entered into force 180 days after publication, on 20 June 2023. It requires virtual asset service providers to obtain prior authorisation from a federal body before operating in Brazil (art. 2), defines VASP services (art. 5), and leaves CVM competence over securities untouched (art. 1 sole paragraph).

Decreto 11.563 of 13 June 2023, in force 20 June 2023, gives the Banco Central do Brasil the power to regulate, authorise and supervise virtual asset service providers under Lei 14.478/2022 (art. 1 II). It does not apply to virtual assets that represent securities and does not alter CVM competence (art. 3).

Virtual asset service providers need prior authorisation (Lei 14.478/2022 art. 2), which the Banco Central do Brasil grants (Decreto 11.563/2023). Under Resolução BCB 520, in force 2 February 2026, a provider must be constituted in Brazil with its head office and management in Brazil (art. 1 sole paragraph). It operates as an intermediary, custodian or broker (art. 4). Minimum capital is built from activity components in Resolução Conjunta 14: R$1m for services, R$3m for custody, R$5m for intermediation and R$7m for lending. Resolução BCB 517 maps the modalities onto these activities. Firms already operating had 270 days from 2 February 2026 to apply (Res. 520 art. 88 I).

Custody of virtual assets requires BCB authorisation. Resolução BCB 520 (in force 2 February 2026) makes custodian (custodiante de ativos virtuais) one of three SPSAV modalities, which may not combine other modalities. Under arts. 28 to 30 every provider must segregate its own funds and virtual assets from those of clients, and document the segregation in a policy that covers proof of reserves.

Exchanging virtual assets for fiat or other virtual assets is a VASP service under Lei 14.478/2022 art. 5. It requires prior authorisation (art. 2), granted by the Banco Central do Brasil (Decreto 11.563/2023). Tokens that are securities stay under CVM competence (Lei 14.478 art. 1 sole paragraph), and their public offers need CVM registration or exemption (Lei 6.385 art. 19). Since 2 February 2026, buying, selling or exchanging fiat-referenced virtual assets (stablecoins) is part of the FX market under Resolução BCB 521.

The Central Bank of Brazil (BCB) authorises, regulates and supervises virtual asset service providers under Decreto 11.563/2023. It issued Resoluções BCB 519, 520 and 521 on 10 November 2025 (published 11 November 2025, in force 2 February 2026), covering the authorisation process, constitution and operation, and FX-market treatment. With the CMN it issued Resolução Conjunta 14 (3 November 2025) on minimum capital.

The Financial Activities Control Council (COAF), created by Lei 9.613/1998 art. 14, is Brazil's financial intelligence unit. It receives, examines and identifies suspicious transactions and applies administrative penalties. Obliged persons, including virtual asset service providers since Lei 14.478/2022 (Lei 9.613 art. 9 sole paragraph XIX), must report suspicious proposals or transactions to COAF within 24 hours (art. 11 II).

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