The Central Bank of Brazil has completed the rules for incorporating cryptocurrency companies into bank-like regulation, classifying stablecoin transactions and certain self-custody wallet transfers as foreign exchange operations.
According to resolutions 519, 520, and 521 released on Monday, the Central Bank of Brazil (BCB) has established operational standards and authorization procedures for what are called Virtual Asset Service Providers (SPSAVs), a new category of licensed virtual asset service providers operating in the country.
This framework extends existing consumer protection, transparency, and anti-money laundering (AML) rules to crypto brokers, custodians, and intermediaries.
These rules will take effect on February 2, 2026, with mandatory reporting for capital markets and cross-border operations starting on May 4, 2026.
According to Resolution 521, the purchase, sale, or exchange of virtual assets pegged to fiat currency, including international transfers or payments made using such assets, will be considered foreign exchange (FX) operations.
Through this classification, stablecoin activities will be subject to the same scrutiny as cross-border remittances or currency transactions.
Licensed foreign exchange institutions and the new SPSAVs will be able to perform these operations, but must adhere to documentation and value limits. According to BCB regulations, transactions with unlicensed foreign counterparts will be limited to $100,000 per transfer.
These rules also cover transfers from self-custody wallets mediated by service providers. This means that providers must identify the wallet owners and maintain their processes for verifying the source and destination of assets, even if the transfer itself is not cross-border.
This provision extends anti-money laundering and transparency obligations to areas previously considered outside the scope of regulated finance.
While these rules do not explicitly prohibit self-custody, they fill a critical reporting gap, forcing regulated exchanges and brokers to treat wallet interactions as formal foreign exchange operations.
In the announcement, BCB stated that its goal is to ensure "greater efficiency and legal certainty," prevent regulatory arbitrage, and align crypto activities with the country's balance of payments (BoP) statistics, meaning making stablecoin transfers visible in official financial data.
This initiative comes after months of public consultation and increasing attention from the central bank on the dominance of stablecoin usage in Brazil. On February 7, BCB President Gabriel Galipolo stated that about 90% of crypto activities in Brazil involve stablecoins, primarily for payments.
Galipolo noted that the widespread use of stablecoins in payments presents regulatory and oversight challenges, particularly in areas such as money laundering and taxation.
The Central Bank of Brazil stated that the new framework aims to curb fraud and illegal activities while providing legal clarity for the crypto market.
For crypto builders, this may increase compliance costs and reshape how local platforms interact with global liquidity. Smaller crypto participants will be forced to compete with larger institutions and meet stricter bank-level standards.
These rules will take effect in February 2026, but market participants are expected to begin restructuring before then.
For Brazil, which ranks second in Latin America for crypto activity after Argentina, the new regulations mark a decisive shift from experimentation to comprehensive regulation.
The new rules indicate that cryptocurrencies are welcomed in Brazil's financial ecosystem, but must adhere to the same rules as fiat currency.
Related: CFTC Acting Chair Caroline Pham confirms push for approval of U.S. leveraged cryptocurrency trading
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