CMN Resolution No. 5,281 — Establishes Criteria for Financial Institutions on Accounting Recognition, Measurement, and Disclosure of Virtual Assets

Other Non-Financial Assets for Investment - CMN Resolution

CMN RESOLUTION NO. 5,281, OF FEBRUARY 26, 2026

Establishes the criteria to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil in the accounting recognition, measurement, and disclosure of virtual assets.

The Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on February 26, 2026, based on Art. 4, main text , items VIII and XII, of the aforementioned Law, and having regard to the provisions of Art. 61 of Law No. 11,941, of May 27, 2009,

R E S O L V E D:

CHAPTER I SUBJECT MATTER AND SCOPE OF APPLICATION

Art. 1. This Resolution establishes the accounting criteria to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil in the recognition, measurement, and disclosure of virtual assets referred to in Art. 3 of Law No. 14,478, of December 21, 2022.

Sole Paragraph. The provisions of this Resolution do not apply:

I - to assets that are a virtual representation of assets whose recognition and measurement criteria are provided for in specific regulation;

II - to assets and liabilities that fall within the definition of a financial instrument provided for in current regulation; and

III - to consortium administrators, payment institutions, securities brokerage firms, securities distribution firms, foreign exchange brokerage firms, and virtual asset service providers, which must observe the regulation issued by the Central Bank of Brazil, in the exercise of their legal duties.

CHAPTER II CRITERIA FOR RECOGNITION, MEASUREMENT, AND DERECONGNITION

Section I Acquired or Received Assets

Art. 2. The assets mentioned in Art. 1, main text, must be initially recognized:

I - in the case of acquisition, at the value actually paid; or

II - in other cases, at fair value, as provided in specific regulation, on the date:

a) of the fulfillment of the performance obligation, in the case of assets received through the provision of services; or

b) of receipt, in the case of assets received free of charge.

Art. 3. After initial recognition, the institutions mentioned in Art. 1, main text , must measure, at least monthly, upon interim statements and balance sheets, virtual assets at fair value, according to current regulation, computing appreciation or depreciation in offset to an appropriate revenue or expense account in the period's result.

§ 1. The provisions of the main text do not apply:

I - to virtual assets issued by entities belonging to the same economic group, which must be measured, at least monthly, at the lower of cost and fair value, determined as provided in specific regulation, net of sales expenses, recognizing changes in this value in offset to the period's result; and

II - to virtual assets designed in the form of non-fungible tokens, which must be measured at cost, net of provisions for impairment losses, determined as provided in specific regulation.

§ 2. The recoverable amount of the assets referred to in item II of § 1 must be determined, at least:

I - annually; and

II - whenever there is evidence or new facts indicating a significant reduction in this value.

Art. 4. The assets mentioned in Art. 1, main text , must be derecognized if:

I - they are sold;

II - there is a substantial transfer of risks and benefits; or

III - they are discontinued.

§ 1. For the purposes of item III of the main text , the following situations constitute indicators of asset discontinuation:

I - abandonment or extinction of the project or protocol to which the virtual asset is linked;

II - delisting from relevant exchanges, brokers, or platforms;

III - loss of economic value or liquidity;

IV - regulatory or legal restriction on the use of the virtual asset; and

V - other situations indicating that the virtual asset no longer meets the criteria for definition or recognition of assets provided in specific regulation.

§ 2. The institution must establish consistent and verifiable criteria, duly documented, to configure the discontinuation referred to in this article.

§ 3. Gains or losses determined upon derecognition must be recognized by the institutions mentioned in Art. 1 in the period's result.

Section II Issued Virtual Assets

Art. 5. Obligations arising from the issuance of virtual assets by the institution itself, according to specific regulation, must be recognized:

I - as a financial liability, when there is an obligation to deliver money or another financial asset; or

II - as a non-financial liability, at the value provided for the settlement of the obligation, when there is an obligation to deliver a non-financial asset.

§ 1. If the institution does not assume any type of commitment or obligation in the issuance of virtual assets, the amounts received must be recognized as revenue in the period's result.

§ 2. The liabilities mentioned in items I and II of the main text must be derecognized when the obligation is fully fulfilled.

Section III Custodied Virtual Assets

Art. 6. Third-party virtual assets in custody must be recorded in a clearing account, using the measurement criteria provided in Art. 3, main text and § 1, and revalued, at least monthly, upon interim statements and balance sheets.

Art. 7. Third-party virtual assets in custody used in own operations must be recognized in liabilities, according to the nature of the operation, at the fair value of the custodied virtual asset.

CHAPTER III DISCLOSURE

Art. 8. The institutions mentioned in Art. 1, main text , must disclose in explanatory notes, clearly and objectively, regarding the assets covered by this Resolution:

I - the description of accounting criteria and procedures related to recognition and measurement, in a manner that enables users of financial statements to make an adequate judgment on the accounting policies adopted;

II - the description of the main risks associated with each category of virtual asset;

III - for assets held or received measured according to Art. 3, main text :

a) the quantities and their variations during the reporting period, segregated by nature;

b) the carrying amount at initial recognition and at the reporting date, segregated by nature;

c) fair value by hierarchy level;

d) gains and losses recognized in income resulting from fair value adjustments;

e) gains and losses recognized in income resulting from derecognition; and

f) the principal trading market;

IV - for assets held or received measured according to Art. 3, § 1:

a) the quantities and their variations during the reporting period, segregated by nature; and

b) changes in carrying amount during the period;

V - for virtual assets issued by the institution:

a) the description of their nature;

b) variations in the best estimate of the outflow of resources to settle the obligation at the beginning and end of the reporting period; and

c) the quantities and their variations during the reporting period, segregated by nature; and

VI - for third-party virtual assets in custody, the quantities and values, highlighting variations in fair value at the beginning and end of the reporting period.

Sole Paragraph. The disclosure referred to in items III, IV, and V of the main text must be made for each relevant category and in an aggregated manner for categories not considered relevant.

CHAPTER IV FINAL PROVISIONS

Art. 9. The Central Bank of Brazil, in the exercise of its competence, may adopt the necessary measures to comply with this Resolution, including regarding information disclosure requirements.

Art. 10. The Central Bank of Brazil may determine adjustments to the models adopted by institutions for fair value assessment of the assets covered by this Resolution, if it identifies inadequacy in the definition of these models.

Art. 11. The institutions mentioned in Art. 1, main text , must keep available to the Central Bank of Brazil the documentation that clearly and objectively evidences the criteria used for the measurement of the assets covered by this Resolution, for a minimum period of five years, counted from the date of measurement, or for a longer period due to legal or regulatory determination.

Art. 12. The institutions mentioned in Art. 1, main text , must apply the provisions of this Resolution prospectively from the date of its entry into force.

Sole Paragraph. The effects of adjustments resulting from the application of the accounting criteria established by this Resolution must be recorded in offset to the accumulated profits or losses account, net of the tax effects.

Art. 13. This Resolution enters into force on January 1, 2027.

GABRIEL MURICCA GALÍPOLO President of the Central Bank of Brazil