Brazil Compliance Report

Generated 2026-10-23

Comprehensive Framework

Regulatory Overview

Regulatory Status: Dedicated crypto/VA legislation, licensing regime, active enforcement
Key Regulator(s): Brasil and the Securities and Exchange Commission, Central Bank of Brazil, Financial Activities Control Council
Risk Level: medium
Primary Legislation: Law 14,478/2022 (Legal Framework for Virtual Assets) (2022), Decree 11,563/2023 (2023)
Travel Rule: Adopted — Threshold: Implemented
Tax Reporting: Individuals pay capital-gains tax at progressive rates of 15% up to R$5 million of gain, 17.5% to R$10 million, 20% to R$30 million and 22.5% above (Lei 8.981/1995 art. 21, as amended by Lei 13.259/2016). Lei 9.250/1995 art. 22 exempts gains where total monthly sales do not exceed R$35,000. MP 1.303/2025's proposed 17.5% flat rate lapsed on 8 October 2025. Since 1 July 2026, crypto transactions are reported through the DeCripto (IN RFB 2.291/2025), which replaced IN RFB 1.888/2019.

Key Facts

aml Virtual-asset services are lawful in Brazil subject to prior authorisation (Lei 14.478/2022 art. 2), with the Central Bank designated to regulate, authorise and supervise providers (Decreto 11.563/2023); Lei 14.478 art. 12 amended Lei 9.613/1998 to make virtual-asset service providers obliged persons (art. 9 sole para. XIX) and to cover virtual assets in transaction records (art. 10 II). Virtual-asset service providers need prior Central Bank authorisation (Lei 14.478/2022 art. 2); the authorisation and operating rules (Res. BCB 519 and 520 of 10 November 2025) have applied since 2 February 2026, and firms that applied within 270 days may keep operating until their application is decided (Res. 520 art. 88 §6). The practical reality is that Brazil has moved from an unregulated market to a structured regulatory environment, but implementation gaps remain as the Central Bank finalizes its licensing procedures and compliance expectations for the virtual asset industry Regulation. The Comissão de Valores Mobiliários (CVM) keeps jurisdiction over virtual assets that are securities, which Lei 14.478/2022 excludes from its scope; it treats crypto-linked collective investment contracts and tokens offered to the public as securities, as in Deliberações 904 (4 November 2025) and 907 (15 April 2026) ordering unregistered offers to stop. Coaf (Conselho de Controle de Atividades Financeiras), created by Lei 9.613/1998 to receive, examine and identify suspicious activity, is Brazil's financial intelligence unit; under Lei 13.974/2020 it has technical and operational autonomy and is administratively linked to the Central Bank of Brazil. The ANPD, renamed Agência Nacional de Proteção de Dados by Lei 15.352/2026, is a special autarchy linked to the Ministry of Justice and Public Security that oversees LGPD compliance, including virtual-asset service providers' handling of KYC data. Lei 9.613 of 3 March 1998, as amended, is Brazil's principal anti-money-laundering statute: it defines the money-laundering offence, sets prevention duties for obliged persons (including virtual-asset service providers since Lei 14.478/2022) and created Coaf. Lei 12.683 of 9 July 2012 rewrote art. 1 of Lei 9.613/1998, revoking the closed list of predicate offences so that laundering the proceeds of any criminal infraction is an offence, punishable by 3 to 10 years' imprisonment and a fine.
general Resolução BCB nº 519 of 10 November 2025 (DOU 11 November 2025, in force 2 February 2026) governs the Banco Central do Brasil authorisation processes for virtual asset service providers (sociedades prestadoras de serviços de ativos virtuais), FX brokers and securities brokers and distributors. Its requirements include a corporate-governance structure compatible with the business's complexity and risks. Art. 26 sets a two-phase process for firms already operating on 2 February 2026. The rules on constitution and operation are in Resolução BCB nº 520 of the same date. Resolução BCB 521 of 10 November 2025 brings virtual-asset services into Brazil's foreign-exchange market: international payments or transfers with virtual assets, transfers to or from self-custody wallets and the purchase, sale or exchange of fiat-referenced virtual assets (stablecoins) (new art. 76-A of Res. BCB 277), in force from 2 February 2026 with some provisions from 4 May 2026. Cash transactions equal to or greater than BRL 10,000 Transactions to non-Brazilian bank accounts equal to or greater than BRL 100,000 Lei 9.613 art. 11 II requires obliged persons, including virtual-asset service providers, to report to Coaf within 24 hours; for Central Bank-authorised institutions Circular BCB 3.978 sets the deadline at the next business day after the decision to report a suspicious operation (art. 48 §2) or after a R$50,000+ cash operation (art. 49). Reporting of sanctions matches and serious evidence of terrorism financing Medida Provisória nº 1.303 of 11 June 2025 proposed taxing financial investments and virtual assets, including a flat 17.5% rate, but it lapsed on 8 October 2025 without being converted into law (Congresso Nacional status: sem eficácia). The progressive 15% to 22.5% capital-gains rates of Lei 8.981/1995 art. 21, as amended by Lei 13.259/2016, still apply. So does the Lei 9.250/1995 art. 22 exemption for gains where total monthly sales do not exceed R$35,000 (the general limit, 'nos demais casos'). Lei 15.358 of 24 March 2026 (Lei Raul Jungmann) lets judges freeze or seize assets of organised-crime suspects including digital or virtual assets and bar their operations on crypto brokers without express court authorisation, with notice to Coaf, the Central Bank and the CVM (art. 9); proceeds of assets sold under its art. 10 go to state or national public-security funds.
licensing 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. Resolução CVM 88/2022 governs crowdfunding offers by small companies through online platforms, and tokenised securities offers can use it. Lei 14.478/2022 does not apply to virtual assets that represent securities and leaves CVM competence unchanged (art. 1 sole paragraph). The CVM's Parecer de Orientação 40 of 11 October 2022 classifies tokens functionally. A token is a security when it fits Lei 6.385 art. 2, including as a collective investment contract under art. 2 IX. 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). Resolução CVM 88 of 27 April 2022 (DOU 28 April 2022) governs public offers of securities issued by small companies through online crowdfunding platforms (plataforma eletrônica de investimento participativo), with registration waived. It revoked Instrução CVM 588 and was amended by Resoluções CVM 158/22 and 226/25. The CVM's approach to crypto tokens is set out separately in Parecer de Orientação CVM 40 of 11 October 2022. 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.
securities The Brazilian Securities Commission (CVM) is actively developing a regulatory framework for tokenization, reflecting a growing recognition of digital assets within the traditional securities market. Brazil’s Securities Regulator Accelerates Tokenization Framework... Brazil has seen a significant surge in tokenization activities, with a reported 1,134% growth, highlighting the country's potential as a leader in digital asset regulation in Latin America. Brazil’s Securities Regulator Accelerates Tokenization Framework... The CVM launched a task force to draft a comprehensive tokenization framework within 60 days, aiming to provide clarity and legal certainty for market participants. Brazil Securities Regulator Launches Task Force to Draft... The EU's MiCA regulation does not apply in Brazil and has not reduced the CVM's role. Lei 14.478/2022 art. 1 sole paragraph excludes virtual assets that represent securities from the VASP law and expressly leaves CVM competence unchanged. The CVM sets its approach to tokenised securities in Parecer de Orientação 40 of 11 October 2022. The CVM has been exploring the application of existing securities laws to digital assets, balancing innovation with investor protection. Comparative Survey of Securities Laws (Brazil) The CVM does not license token issuers. A public offer of digital assets that are securities, including collective investment contracts under Lei 6.385 art. 2 IX, needs prior CVM registration or a registration exemption (Lei 6.385 art. 19). The CVM issues stop orders against unregistered token offers, for example Deliberação CVM 907 of 15 April 2026 on the Nelore Coin token. Resolução CVM 50 of 31 August 2021 (DOU 2 September 2021) sets anti-money-laundering, counter-terrorist-financing and counter-proliferation-financing duties for the securities market. It applies to entities dealing in digital assets that are securities. Virtual asset service providers outside the securities market are obliged persons under Lei 9.613/1998 art. 9 sole paragraph XIX. The CVM has issued stop orders against unregistered crypto-linked securities offers under Lei 6.385 art. 19. Deliberação CVM 904 of 4 November 2025 targeted Sigma Soluções Digitais's offer of returns from crypto lending, arbitrage and management. Deliberação CVM 907 of 15 April 2026 targeted NLC Confinamentos and its Nelore Coin (NLC) token.
status Brazil regulatory status: comprehensive regime in force. Lei 14.478/2022 has required prior authorisation of virtual asset service providers since 20 June 2023, and Decreto 11.563/2023 makes the Banco Central do Brasil the regulator. The BCB authorisation and operating rules (Resoluções BCB 519, 520 and 521) have been in force since 2 February 2026. Firms already operating had 270 days from that date to apply. From 6 November 2026, BCB-authorised institutions may not deal with VASPs that lack authorisation to operate in Brazil (Res. 520 art. 91 as amended by Res. 589). Central Bank of Brazil (BCB): primary virtual-asset regulator under Decreto 11.563/2023. It authorises and supervises VASPs and sets their operating rules through Resoluções BCB 519, 520 and 521 (10 November 2025, in force 2 February 2026). With the CMN it issued Resolução Conjunta 14 (3 November 2025) on minimum capital. Securities and Exchange Commission of Brazil (CVM): oversees crypto-assets that qualify as securities, including their public offerings and trading, under Lei 6.385/1976. Lei 14.478/2022 art. 1 sole paragraph preserves that competence, and the CVM's token approach is in Parecer de Orientação 40 (11 October 2022). Financial Activities Control Council (COAF): Brazil's financial intelligence unit under Lei 9.613/1998 art. 14. It receives and analyses suspicious-transaction reports, which obliged persons including virtual asset service providers must file within 24 hours (art. 11 II). It applies administrative penalties to obliged sectors that have no own supervisor. Receita Federal do Brasil: collects crypto-asset transaction reports through the DeCripto, created by IN RFB 2.291/2025, which has applied since 1 July 2026 in place of IN RFB 1.888/2019. Individuals and companies that used a crypto service provider domiciled abroad report under a dedicated DeCripto layout.
tax Individuals pay capital-gains tax at progressive rates of 15% up to R$5 million of gain, 17.5% to R$10 million, 20% to R$30 million and 22.5% above (Lei 8.981/1995 art. 21, as amended by Lei 13.259/2016). Lei 9.250/1995 art. 22 exempts gains where total monthly sales do not exceed R$35,000. MP 1.303/2025's proposed 17.5% flat rate lapsed on 8 October 2025. Since 1 July 2026, crypto transactions are reported through the DeCripto (IN RFB 2.291/2025), which replaced IN RFB 1.888/2019.
travel rule Brazil's travel rule is Res. BCB 520 art. 44, with no value threshold in the text: domestic data transfer must be implemented by 2 February 2027, international by 2 February 2028, when it becomes mandatory for all authorised providers; separately, Res. BCB 584 makes providers wait 24 hours after funding before transfers above US$10,000 to foreign providers or self-custody wallets from 1 January 2027.

Sources

This report is AI-generated from publicly available regulatory sources. Last updated: 2026-10-23. View full profile