Brazil's Central Bank publishes Resolutions 519, 520 and 521, setting the rules for virtual asset providers

Brasília, November 11, 2025 — The Central Bank of Brazil (BCB) published BCB Resolutions No. 519, 520 and 521 on Monday, November 10. Together, they turn Law 14,478/2022 into concrete requirements for anyone providing crypto-asset services in the country. For the first time, exchanges, custodians and intermediaries will need BCB authorization to operate, and international payments made with stablecoins will follow the foreign exchange regime.

Effective date of the three resolutions; part of Resolution 521 only applies from May 4, 2026

Feb 2, 2026

Deadline for firms already operating to apply for authorization, until October 30, 2026

270 days

Minimum capital, depending on the activity, under the methodology of Joint Resolution No. 14/2025

R$10.8 to 37.2 mn

Limit per international operation by an SPSAV when the counterparty is not authorized to operate in foreign exchange

US$100,000

What each resolution does

According to the BCB, the rules result from public consultations 97/2023, 109/2024, 110/2024 and 111/2024. What the 2024 consultations proposed is covered in the Central Bank opens public consultations on crypto, and the legal framework that gave the regulator its authority is covered in what Law 14,478 already required. The BCB's Director of Regulation, Gilneu Vivan, said that “the great challenge was balancing the encouragement of innovation with safety in trading for the financial system”.

Three types of provider

Minimum capital follows the methodology of Joint Resolution No. 14, of November 3, 2025, issued by the National Monetary Council (CMN) and the BCB. It ranges from R$10.8 million to R$37.2 million depending on the risk of the activity, according to Capital Aberto. Diego Perez, president of ABFintechs, said the rules match what had been under discussion, but that the minimum capital “will make life harder for those who are starting out” and reduce the entry of new players.

What providers will have to comply with

• Clients' money and assets are kept in accounts and wallets separate from the company's own, with individual records for each client.
• Proof of reserves and an independent audit every two years of the provider's and clients' assets, with the report published on the website.
• Using clients' assets in the provider's own operations is prohibited, except for staking or, with express consent, with assets of qualified or professional investors.
• At least three directors or administrators accountable to the BCB for business, anti-money laundering, internal controls, risk and cybersecurity.
• A head office in effective and exclusive use in the country; coworking and virtual offices do not qualify, except among companies of the same conglomerate (Resolution 519).
• Identification of the originator and beneficiary of transfers, with account and wallet data, being phased in through 2028, and a ban on tools that hide origin or destination.
• Periodic vulnerability testing of systems and smart contracts.

Foreign exchange: what changes with Resolution 521

The rule does not use the word “stablecoin”. It refers to virtual assets pegged to a fiat currency. In practice, this covers USDT and USDC. The following become foreign exchange operations: international payments or transfers made with virtual assets, transfers linked to card use abroad, transfers to and from self-custodied wallets, and the purchase, sale or swap of assets pegged to a fiat currency. The resolution prohibits buying or selling virtual assets with payment or receipt in foreign currency, and the use of cash.

When the counterparty abroad is not an institution authorized to operate in foreign exchange, each international payment or transfer made by an SPSAV is limited to US$100,000. For foreign exchange brokers and securities brokers and dealers that provide the service, the same cap applies that they already have for foreign exchange with clients, US$500,000. For banks, the rule sets no cap. From May 4, 2026, the provider must also obtain from the client the purpose of the payment, using the codes of the foreign exchange rules, and the data of the payer or recipient abroad (name, country and relationship with the client). It must also send the operations data to the Central Bank by the 5th day of the following month.

Timeline

1. Nov 3, 2025Joint Resolution No. 14, from the CMN and the BCB, defines the minimum capital methodology.
2. Nov 10, 2025The Central Bank publishes Resolutions 519, 520 and 521.
3. Feb 2, 2026The three rules take effect and the 270-day count begins.
4. May 4, 2026Collection of the payment purpose and of the payer or recipient data abroad, and the monthly reporting to the BCB, take effect (Resolution 521).
5. Oct 30, 2026Deadline ends for firms already operating to apply for authorization from the Central Bank.

Firms already in business may continue while the application is assessed, as long as they file it within the deadline. During that period, they cannot take on another provider type. If the application is denied or dismissed, the provider must end its activities within 30 days, notify clients and return the assets and funds in its custody. From October 30, 2026, banks and other authorized institutions are prohibited from enabling operations with providers that are neither authorized nor in the authorization process (art. 91 of Resolution 520).

What companies and investors should watch

For companies that pay foreign suppliers with stablecoins, the central change is in foreign exchange: the service now requires identification of the beneficiary, the purpose and traceability. It is worth asking the provider whether it plans to apply for authorization, in which type, and how it will handle reporting. An exchange or intermediary that does not file by October 30, 2026 will have to stop within 30 days, and the client will need to move their balances.

• Central Bank
• Regulation
• SPSAV
• BCB Resolution 520
• BCB Resolution 521
• Stablecoins
• Foreign exchange
• Exchanges