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posted 4 weeks ago
Brazil is an excellent choice for ambitious entrepreneurs looking to conquer new markets. Recently, the country has been experiencing economic growth and actively legislating to attract more and more investors from around the world.
At the end of 2022, the Brazilian Congress passed a law regulating digital assets in the country. This new regulation came into effect on June 20, 2023. It primarily affects companies operating in the cryptocurrency assets segment, such as exchanges.
A Virtual Asset Service Provider (VASP) is defined as a legal entity that performs at least one of the following virtual asset services on behalf of third parties:
The new requirements generally entail compliance with all internationally accepted principles of crypto broker regulation. Brazil highlights the following essential requirements:
Since the Central Bank of Brazil (BCB) is the regulator of crypto brokers in Brazil, it is expected to clarify the new licensing process soon and outline specific requirements for companies. From the law’s effective date, BCB must provide at least 6 months for existing service providers to comply with the new requirements.
Obtaining a license is expected to take about a year and will require initial capital investments of approximately 2,000,000 BRL ($402,779).
Having a local company as a key licensing requirement
Since a key requirement for obtaining a crypto broker license is the presence of a legal entity, registering a local company will be necessary to start the licensing process.
Brazilian legislation imposes an important requirement for company registration – the presence of at least 2 founders, regardless of whether they are Brazilians or foreigners.
If you need a cryptocurrency license in Brazil, contact the lawyers of SBSB Fintech Lawyers. We specialize in supporting FinTech and Crypto projects since 2013, offering individual solutions for each client considering the company’s business model. We will help you choose the most suitable type of license and prepare the necessary documents for the legalization of your crypto business and obtaining a cryptocurrency license in Brazil in accordance with the legislation, providing full legal support.
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