Authorisations in Brazil, as at 15 September 2026
Authorisations
2
across 2 licence families
Licensed
1
of 2 authorisations
In the pipeline
1
Applications and in-principle approvals
Ended
0
No ended authorisations
Authorisations by licence
Virtual asset service provider registration
50%
1
Payment institution authorisation
50%
1
These 2 authorisations belong to 2 companies. The company-level records are in Atlas Pro.
What those authorisations permit
Moving value for clients2
One authorisation can cover several activities, so these figures overlap.
What each activity needs
The main activities a stablecoin business may carry out, and the authorisation each one requires. A business carrying out several activities may need more than one licence.
Brazil has no standalone stablecoin-issuer authorization analogous to MiCA EMT, GENIUS or MAS SCS as of 2026-08-08: there is no separate licence to mint a fiat-referenced token, and the BCB has signalled that dedicated prudential requirements for issuers are expected in a later phase. The framework is, however, not silent on stablecoins. Resolution 520/2025 and BCB Instrução Normativa 701/2026 prohibit algorithmic stablecoins, require effective backing in liquid and verifiable assets, and mandate proof-of-reserves audited by an independent firm every two years with public disclosure. A token functioning as stored value would also be caught by the e-money/payment-institution regime (Lei 12.865), and any firm that intermediates or custodies the token needs SPSAV authorization. Issuance is therefore partly regulated through the operation/custody perimeter, but not via a bespoke issuer licence.
Holding it for someone else
Holding customers' virtual assets or private keys requires BCB authorization as an SPSAV in the custodian (custodiante) modality under Resolution 520/2025, with mandatory asset segregation, proof-of-reserves, governance, cybersecurity and AML/CFT controls, plus independent technical certification under Instrução Normativa 701/2026. In force from 2 Feb 2026; incumbents have a 270-day window to file for authorization, closing 30 Oct 2026.
Exchange and on/off-ramps
Operating a fiat-to-crypto or crypto-to-crypto trading/conversion venue requires BCB authorization as an SPSAV in the intermediary (intermediária) or broker (corretora) modality under Resolutions 519/520. Where the venue offers fiat-referenced stablecoin conversion or cross-border ramps, those transactions are additionally caught by the FX framework under Resolution 521, including USD-equivalent caps (USD 100k per operation for SPSAVs; USD 500k for banks/authorized financial institutions). In force from 2 Feb 2026; incumbent window to 30 Oct 2026.
Payments and money transmission
Receiving/transmitting value, issuing e-money/stored value, acquiring and payment-initiation are regulated as 'instituição de pagamento' under Lei 12.865/2013 and BCB Resolutions 80/81, overhauled in 2025 by BCB Resolution 494/2025 (authorization, in force on publication 5 Sep 2025) and Resolution 495/2025 plus Resolução Conjunta 14/2025 (capital). Prior BCB authorization is now mandatory regardless of transaction volume; the previous volume-based exemptions were removed. If the value moved is a stablecoin, the SPSAV rules and FX framework (Res. 521) also apply.
Card issuing falls within the payment-institution regime: prepaid/debit cards loading fiat fall under the e-money-issuer modality and credit cards under the postpaid-instrument-issuer modality (Lei 12.865; BCB Resolutions 494/495/2025; Resolução Conjunta 14/2025). BIN sponsorship requires partnering with an authorized issuer. Loading stablecoin to a card, or paying a foreign card invoice with crypto, is additionally treated as an FX operation under Resolution 521. Live; capital changes phase in over the transition.
Cross-border transfer and remittance
This is the most stablecoin-specific part of Brazil's framework. BCB Resolution 521/2025 brings stablecoin transactions, crypto cross-border payments and international transfers, self-hosted-wallet transfers, and use of crypto to pay overseas expenses into Brazil's foreign-exchange (câmbio) framework under Lei 14.286/2021. Operators must hold SPSAV authorization and comply with FX-market rules including per-operation USD caps (USD 100k SPSAVs / USD 500k banks) and reporting; cash settlement is prohibited. The FX provisions are in force from 2 Feb 2026, with specific reporting/finality-code obligations from 4 May 2026.
The licences: who grants them, how long, what they cost
The statutory clock is the formal decision period, where the regulator publishes one. “Observed” is the real-world timeline reported by applicants, not a figure the regulator sets. Capital is the regulatory minimum, not legal or advisory fees. Where a figure is not yet available, we show “Unavailable”; where one exists but Anvesan has not verified it, we show “Not sourced”.
The Atlas column maps a licence to a tracked licence family only where the two are the same thing. Where they are not, it reads Not mapped, and the family counts are in Authorisations by licence above.
No dedicated stablecoin-issuer authorization; stablecoin backing/audit obligations attach via SPSAV operation rules (Res. 520) and Instrução Normativa 701/2026, with e-money issuance caught by the payment-institution regime where the token is stored value
- Who grants it
- Banco Central do Brasil (BCB)
- What triggers it
- Issuing or minting a fiat-referenced virtual asset (stablecoin). No standalone issuer licence exists, but offering/intermediating/custodying such a token triggers SPSAV rules including backing and proof-of-reserves; issuing it as stored value triggers payment-institution authorization.
- Legal basis
- Law 14.478/2022; BCB Resolution 520/2025; BCB Instrução Normativa 701/2026; Lei 12.865/2013 (if stored value / e-money)
- What it requires
- No bespoke issuer authorization or 1:1 reserve-redemption issuer regime yet. But: algorithmic / non-effectively-backed stablecoins are prohibited; fiat-referenced tokens must hold effective backing in liquid, verifiable assets; proof-of-reserves must be independently audited at least every two years and the report published; disclosure of stabilisation criteria required. Stored-value tokens additionally fall under the payment-institution (e-money issuer) regime.
Statutory clock
Window, not a clock
The Banco Central do Brasil set an application window rather than a decision period: existing operators, domestic and foreign, apply between 2 February and 29 October 2026 under Resolutions 519, 520 and 521 of 10 November 2025. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
Up to 2 years
A foreign entity that cannot show significant Brazilian customers as at 2 February 2026 must request authorisation to operate, a process reported to take up to two years.
| Minimum capitaldepending on the range of activities performed |
BRL 10.8 million to BRL 37.2 million |
|---|
The figure rises with the set of services authorised, with intermediation and custody at the top of the range.
Application fee Not sourced. The Banco Central do Brasil does not publish a headline application fee for authorisation under Resolution 519, and Anvesan has not verified whether one is charged.
SPSAV / PSAV authorization, Custodian modality (custodiante de ativos virtuais)
- Who grants it
- Banco Central do Brasil (BCB)
- What triggers it
- Safeguarding virtual assets and/or private keys on behalf of customers (custody of client crypto).
- Legal basis
- Law 14.478/2022; BCB Resolutions 519/2025 (authorization), 520/2025 (operation), Resolution BCB 517 and Resolução Conjunta 14/2025 (capital); Instrução Normativa 701/2026 (technical certification)
- What it requires
- Segregation of client assets from own assets; proof-of-reserves audited by an independent firm at least every two years with published report; minimum net equity (patrimônio líquido) in the R$10.8M to R$37.2M SPSAV range depending on the activity set (Resolução Conjunta 14/2025 + Res. BCB 517); governance, operational-risk, cybersecurity and key-redundancy standards (per IN 701/2026); full AML/CFT program; Travel Rule / information-exchange obligations phased toward full compliance by 2 Feb 2028.
Statutory clock
Window, not a clock
The Banco Central do Brasil set an application window rather than a decision period: existing operators, domestic and foreign, apply between 2 February and 29 October 2026 under Resolutions 519, 520 and 521 of 10 November 2025. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
Up to 2 years
A foreign entity that cannot show significant Brazilian customers as at 2 February 2026 must request authorisation to operate, a process reported to take up to two years.
| Minimum capitaldepending on the range of activities performed |
BRL 10.8 million to BRL 37.2 million |
|---|
The figure rises with the set of services authorised, with intermediation and custody at the top of the range.
Application fee Not sourced. The Banco Central do Brasil does not publish a headline application fee for authorisation under Resolution 519, and Anvesan has not verified whether one is charged.
SPSAV / PSAV authorization, Intermediary (intermediária) or Broker (corretora) modality
- Who grants it
- Banco Central do Brasil (BCB)
- What triggers it
- Intermediating purchase, sale or exchange of virtual assets (operating an exchange / on-off ramp). Broker (corretora) modality applies when the firm both intermediates and custodies.
- Legal basis
- Law 14.478/2022; BCB Resolutions 519/2025 and 520/2025; Resolution BCB 517 and Resolução Conjunta 14/2025 (capital); Resolution 521/2025 for FX-classified conversions; Instrução Normativa 701/2026 (certification)
- What it requires
- Minimum net equity in the R$10.8M to R$37.2M SPSAV range depending on activity set; asset segregation; independently audited proof-of-reserves (biennial, published); AML/CFT with KYC and Travel Rule / information-exchange phased toward Feb 2028; governance, risk and cybersecurity standards. Stablecoin and cross-border conversions additionally require FX-market compliance under Res. 521, including per-operation caps (USD 100k for SPSAVs, USD 500k for banks) and reporting.
Statutory clock
Window, not a clock
The Banco Central do Brasil set an application window rather than a decision period: existing operators, domestic and foreign, apply between 2 February and 29 October 2026 under Resolutions 519, 520 and 521 of 10 November 2025. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
Up to 2 years
A foreign entity that cannot show significant Brazilian customers as at 2 February 2026 must request authorisation to operate, a process reported to take up to two years.
| Minimum capitaldepending on the range of activities performed |
BRL 10.8 million to BRL 37.2 million |
|---|
The figure rises with the set of services authorised, with intermediation and custody at the top of the range.
Application fee Not sourced. The Banco Central do Brasil does not publish a headline application fee for authorisation under Resolution 519, and Anvesan has not verified whether one is charged.
Payment Institution authorization (instituição de pagamento), modalities: electronic-money issuer (emissor de moeda eletrônica), postpaid-instrument issuer, acquirer, payment-transaction initiator
- Who grants it
- Banco Central do Brasil (BCB)
- What triggers it
- Operating a payment arrangement: issuing e-money / prepaid stored value, managing payment accounts, acquiring, or initiating payment transactions.
- Legal basis
- Lei 12.865/2013; BCB Resolutions 80/2021 and 81/2021; updated by BCB Resolution 494/2025 (authorization) and 495/2025 and Resolução Conjunta 14/2025 (capital)
- What it requires
- Prior BCB authorization mandatory regardless of volume (Res. 494/2025, effective on publication 5 Sep 2025): the former volume/stored-value exemption thresholds were removed and authorization timelines unified. Modular minimum capital under Resolução Conjunta 14/2025 + Res. BCB 517, based on activities/investment profile/funding rather than institution type, with capital increases phasing in (graduated transition into 2027). Asset/funds segregation, AML/CFT, governance and cybersecurity required. Incumbent payment institutions operating without authorization must file in the 1 to 31 May 2026 window.
Statutory clock
Window, not a clock
The Banco Central do Brasil set an application window rather than a decision period: existing operators, domestic and foreign, apply between 2 February and 29 October 2026 under Resolutions 519, 520 and 521 of 10 November 2025. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
Up to 2 years
A foreign entity that cannot show significant Brazilian customers as at 2 February 2026 must request authorisation to operate, a process reported to take up to two years.
| Minimum capitaldepending on the range of activities performed |
BRL 10.8 million to BRL 37.2 million |
|---|
The figure rises with the set of services authorised, with intermediation and custody at the top of the range.
Application fee Not sourced. The Banco Central do Brasil does not publish a headline application fee for authorisation under Resolution 519, and Anvesan has not verified whether one is charged.
Payment Institution authorization, Electronic-Money Issuer (prepaid/debit) and/or Postpaid-Instrument Issuer (credit)
- Who grants it
- Banco Central do Brasil (BCB)
- What triggers it
- Issuing payment cards (prepaid, debit or credit) and operating the underlying payment account; consumer spend apps loading fiat value to cards. BIN sponsorship requires an authorized sponsoring issuer.
- Legal basis
- Lei 12.865/2013; BCB Resolutions 80/81 as updated by BCB Resolution 494/2025, 495/2025 and Resolução Conjunta 14/2025
- What it requires
- Prior BCB authorization regardless of volume; modular minimum capital under Resolução Conjunta 14/2025 + Res. BCB 517; funds segregation; AML/CFT; governance and cybersecurity. Incumbent postpaid issuers/acquirers operating without authorization must apply in the 1 to 31 May 2026 window.
Statutory clock
Window, not a clock
The Banco Central do Brasil set an application window rather than a decision period: existing operators, domestic and foreign, apply between 2 February and 29 October 2026 under Resolutions 519, 520 and 521 of 10 November 2025. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
Up to 2 years
A foreign entity that cannot show significant Brazilian customers as at 2 February 2026 must request authorisation to operate, a process reported to take up to two years.
| Minimum capitaldepending on the range of activities performed |
BRL 10.8 million to BRL 37.2 million |
|---|
The figure rises with the set of services authorised, with intermediation and custody at the top of the range.
Application fee Not sourced. The Banco Central do Brasil does not publish a headline application fee for authorisation under Resolution 519, and Anvesan has not verified whether one is charged.
SPSAV / PSAV authorization (intermediária or corretora) + foreign-exchange-market compliance
- Who grants it
- Banco Central do Brasil (BCB)
- What triggers it
- Cross-border value transfer via virtual assets; B2B FX settlement and consumer remittance using stablecoins; buying/selling/exchanging fiat-referenced stablecoins; transfers to/from self-hosted (non-custodial) wallets; paying overseas expenses (e.g. foreign credit-card invoices) with crypto.
- Legal basis
- Law 14.478/2022 (VASP) + Lei 14.286/2021 (FX framework); BCB Resolution 521/2025; Resolutions 519/520/2025 (authorization & operation)
- What it requires
- SPSAV authorization (R$10.8M to R$37.2M net-equity range, segregation, audited proof-of-reserves) plus FX-market obligations under Res. 521: per-operation caps (USD 100k for SPSAVs, USD 500k for banks/authorized FIs); identification of self-hosted-wallet owners and verification of crypto origin/destination; enhanced cross-border due diligence; prohibition of cash settlement and restriction on direct foreign-currency purchase/payment; reporting to BCB. Reporting and finality-code obligations begin 4 May 2026 (not 2 Feb 2026).
Statutory clock
Window, not a clock
The Banco Central do Brasil set an application window rather than a decision period: existing operators, domestic and foreign, apply between 2 February and 29 October 2026 under Resolutions 519, 520 and 521 of 10 November 2025. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
Up to 2 years
A foreign entity that cannot show significant Brazilian customers as at 2 February 2026 must request authorisation to operate, a process reported to take up to two years.
| Minimum capitaldepending on the range of activities performed |
BRL 10.8 million to BRL 37.2 million |
|---|
The figure rises with the set of services authorised, with intermediation and custody at the top of the range.
Application fee Not sourced. The Banco Central do Brasil does not publish a headline application fee for authorisation under Resolution 519, and Anvesan has not verified whether one is charged.
What to watch
Regulatory changes only: what is being decided, by whom, and when. Company-level licence changes are tracked in Atlas Pro. Reviewed 10 September 2026.
Ahead
29 October 2026
Window closes
The authorisation window for existing operators closes
Under BCB Resolutions 519, 520 and 521 of 10 November 2025, operators already active in Brazil, domestic and foreign, apply for authorisation between 2 February and 29 October 2026.
What changes An existing operator that misses the window loses its transitional route and must apply as a new entrant. For a foreign entity, the process is reported to take up to two years.
BCB Resolutions 519, 520 and 521 of 10 November 2025
Questions this page answers
How many companies hold a stablecoin-related licence in Brazil?
Atlas tracks 2 authorisations across 2 companies in Brazil, read from official registers and checked on 15 September 2026. Of those, 1 are licensed, 1 are in the pipeline, and 0 have ended.
Who regulates stablecoins in Brazil?
Banco Central do Brasil (BCB). The framework is BCB Resolution 519.
What licence does a stablecoin business need in Brazil?
This page lists 6 authorisations, each with the regulator that grants it and what triggers the requirement. Which one applies depends on the activity.
How long does a licence take in Brazil, and what capital does it need?
It depends which authorisation. The licence table carries the statutory decision period where a law sets one, the timeline applicants report in practice, and the minimum capital for each. Where a regime is not yet in force, we show “Unavailable”.
How these numbers are made
- Registers read
- The official registers used for this regime, named in the Registers read line. Where a public register does not provide a record, the source is identified separately.
- Cadence
- Checked daily. Changes are recorded when they appear in the register, together with the date they were seen. Last checked 15 September 2026.
- Licence detail reviewed
- 10 September 2026. Counts are refreshed daily. Licence terms, timelines and capital thresholds are reviewed separately because they come from the underlying rules rather than the register.
- Known gap
- “Unavailable” means the figure does not yet exist or has not been published. “Not sourced” means the figure exists but Anvesan has not yet verified it. Neither is estimated.
- Corrections
- research@anvesan.org