Brazil's Central Bank (BCB) closed the deadline for firms to submit applications for a virtual asset service provider (SPSAV) license on Friday, October 30. The deadline applied to companies already operating in the market under the framework introduced by BCB Resolutions 519, 520 and 521, which took effect on February 2, 2026.
Applicants and Scope
A tracker from Cainvest Group identified 68 institutions that have filed or are in the process of filing for a license. The list includes major banks such as Itaú Unibanco, Bradesco, Nubank, Banco Inter and BTG Pactual’s crypto unit Mynt, as well as Brazil’s main stock exchange B3. Global crypto exchanges Binance, Coinbase, OKX, Bybit, Kraken, Bitget and others, along with Brazilian platforms Mercado Bitcoin, Foxbit and Brasil Bitcoin, are also among the applicants.
Regulatory Context
The licensing regime creates a new category of regulated entities—virtual asset service providers—allowing firms to operate as intermediaries, custodians or brokers. Companies that filed by the deadline may continue operating while the BCB reviews their applications. Those that missed the deadline must cease services within 30 days and will be barred from accessing Brazil’s banking system under Resolution 520.
Market Significance
Brazil leads Chainalysis’ 2026 Global Crypto Adoption Index, recording $252.5 billion in crypto activity between July 2025 and June 2026. Nearly half of all crypto value moving through Latin America passes through Brazil, making the regulatory outcome critical for both traditional financial institutions and crypto-native firms.
Next Steps
The licensing process involves a two‑phase review, and applicants must satisfy additional regulatory requirements before receiving final authorization. The BCB has placed three applications on its decision agenda, with two under review and two awaiting further documentation.
