Brazil: crypto and stablecoin regulation (as of 1 November 2026)

As of 2026-11-01

Brazil regulates virtual asset service providers (prestadoras de serviços de ativos virtuais) under Law 14.478/2022, which allows them to operate only with prior authorisation from a federal body. Decree 11.563/2023 designates the Banco Central do Brasil (BCB) to regulate and supervise them. BCB Resolutions 519, 520 and 521 of 10 November 2025, in force since 2 February 2026, set the authorisation process, create the sociedades prestadoras de serviços de ativos virtuais (SPSAVs), define a fiat-referenced virtual asset (stablecoin) and place the purchase, sale or exchange of stablecoins in the foreign exchange (FX) market. Drex is the BCB's central bank digital currency (CBDC) project.

This page states what the government sources say. It is not legal advice.

Status as of 1 November 2026

Key rules

• Authorisation. Virtual asset service providers may operate in Brazil only with prior authorisation from a federal public administration body or entity (Law 14.478, Art. 2). The BCB will regulate their operation and is responsible for supervising them (Decree 11.563). (Planalto, Planalto)
• Definition of virtual asset (ativo virtual). A digital representation of value that can be traded or transferred electronically and used for payments or investment; national and foreign currencies are excluded, among other exclusions. (Planalto)
• Securities tokens. Law 14.478 does not apply to assets representing securities under Law 6.385/1976 and does not change any competence of the Comissão de Valores Mobiliários (CVM). (Planalto)
• Consumer protection. The Consumer Defence Code (Código de Defesa do Consumidor, Law 8.078/1990) applies, where relevant, to operations in the virtual asset market. (Planalto)
• SPSAV categories. SPSAVs are classified as virtual asset intermediaries (intermediárias), custodians (custodiantes) or brokers (corretoras). (BCB)
• Stablecoin definition. Resolução BCB 520 defines a fiat-referenced virtual asset (ativo virtual referenciado em moeda fiduciária, stablecoin) as a virtual asset backed by reserve assets, created to keep its value tied to a reference fiat currency. Reserve assets are the fiat currency and the government securities issued by the same governments that issue those currencies. (BCB)
• Algorithmic reserves banned. Virtual asset service providers operating in Brazil may not offer, directly or on their trading venues, fiat-referenced virtual assets whose reserve-asset control mechanisms are carried out by algorithms. (BCB)
• Stablecoin listing criteria. When selecting fiat-referenced virtual assets for offer or listing, providers must consider at least listed criteria, including the issuer's guidelines for its reserve assets, data attesting the reserves (for example, proof of backing) and the audited financial statements of the issuer, of the custodians and of the reserve assets, in Brazil or abroad, as available (conforme disponíveis). Providers must publish their selection criteria. (BCB)
• Stablecoins in the FX market. The FX market (mercado de câmbio) includes virtual asset services comprising international payments or transfers with virtual assets, transfers to meet obligations from the international use of cards or other electronic payment means, transfers from or to self-custody wallets that do not involve an international payment or transfer, and the purchase, sale or exchange of fiat-referenced virtual assets (Art. 76-A of Resolução BCB 277, inserted by Resolução BCB 521). (BCB)
• No crypto sales paid in foreign currency. Buying or selling virtual assets with payment or receipt in foreign currency is prohibited, including on an order book. (BCB)
• Self-custody wallets. The provider must identify the owner of a self-custody wallet (carteira autocustodiada) and have documented processes to verify the origin and destination of the virtual assets in the FX-market operations listed in Art. 76-A. (BCB)
• Transition for firms already active. Firms already active when Resolução BCB 520 entered into force must request authorisation within 270 days of that date. Those that do not file in time must stop providing virtual asset services within 30 days after the end of the deadline. Instrução Normativa BCB 704 sets the phase 1 filing date at 30 October 2026. (BCB, BCB)
• Unauthorised counterparties (from 6 November 2026). Financial institutions, payment institutions and other BCB-authorised institutions may not carry out or enable virtual asset market operations whose counterparties provide virtual asset services and are not authorised by the BCB to operate in Brazil, except in the forms expressly allowed in Resolução BCB 520. (BCB)
• Transfer hold (from 1 January 2027). Under Resolução BCB 584 (Art. 2º-B), institutions that provide virtual asset services may execute orders to transfer virtual assets to an entity abroad active in the virtual asset market, or to a self-custody wallet, only 24 hours after the funds are received in the wallet ("vinte e quatro horas após o recebimento dos respectivos recursos de aporte"). The hold is precautionary, for risk analysis of the operation, and applies to operations above US$10,000, alone or with the client's total for the same day, or where the institution's risk-management policies call for it. The institution may end the hold before the 24 hours on a reasoned decision, which must be documented (§§5-6), and the hold covers the virtual asset services of Law 14.478 Art. 5 I to V, stablecoins included (§9). The BCB's news release describes it as a temporary preventive hold of up to 24 hours on transfers to virtual asset service providers based abroad or to self-custody wallets when the operation exceeds US$10,000. The BCB says the measure responds to the growing use of crypto-assets and stablecoins to move proceeds of financial fraud quickly. (BCB, BCB)
• Authorisation decision periods. Under Resolução BCB 594, the BCB's maximum period to decide on authorisation of a sociedade prestadora de serviços de ativos virtuais is 1,080 days for firms already operating and 720 days for those not yet operating. (BCB)
• Reporting self-custody transfers. Under Resolução BCB 591, transfers of virtual assets to or from self-custodied wallets of US$10,000 or more ("de valor igual ou superior ao equivalente a US$10.000,00") are operations that must be reported under Circular 3.978/2020. Those contracted from 1 October to 31 December 2026 must be reported on the first business day of January 2027. (BCB)
• Proofs of reserves (from 1 January 2027). Resolução BCB 589 requires verifiable statements in the form of proofs of reserves of virtual assets held ("provas de reservas de ativos virtuais mantidos"), broken down by virtual asset, against the quantities and financial values of those virtual assets in custody (Art. 88, III, d). (BCB)
• Prudential classification. Resolução BCB 580 classifies sociedades prestadoras de serviços de ativos virtuais and the prudential conglomerates they lead as Type 3. (BCB)
• Drex. The BCB describes Drex as a CBDC project created and operated by the BC. Access to the Drex Platform will require an authorised financial intermediary, such as a bank. The Piloto Drex is the test phase for operations with Drex (formerly called Real Digital); on its platform, transactions with digital assets are simulated and settled in retail or wholesale Drex. (BCB, BCB)

Timeline

Not covered here

The number of providers that filed by 30 October 2026 and a list of authorised SPSAVs, a BCB rule on issuing a stablecoin in Brazil, and the next stage of Drex after Phase 2 are not stated in the government sources this page uses. The CVM opinion on crypto-assets (Parecer de Orientação CVM 40) was not read in full.

Sources

• https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm
• https://www.planalto.gov.br/ccivil_03/_ato2023-2026/2023/decreto/d11563.htm
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=519
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Instru%C3%A7%C3%A3o%20Normativa%20BCB&numero=704
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=584
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=573
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=580
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=591
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=594
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=599
• https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=602
• https://www.bcb.gov.br/detalhenoticia/21224/noticia
• https://www.bcb.gov.br/detalhenoticia/20930/noticia
• https://www.bcb.gov.br/estabilidadefinanceira/drex
• https://www.bcb.gov.br/estabilidadefinanceira/piloto-drex

Updated: 2026-11-01 · Markdown version