Brazil: crypto & digital assets regulation

Regulated

Brazil establishes comprehensive VASP licensing and oversight regime under BCB, with CVM regulating crypto securities

Lead regulator:: Banco Central do Brasil
Key law:: Complementary Law No. 105 of January 10, 2001
Last updated:: 2026-07-12

Brazil has established a comprehensive regulatory framework for Virtual Asset Service Providers (VASPs), primarily overseen by the Central Bank of Brazil (BCB). VASPs are formally classified as financial institutions, subjecting them to the confidentiality of operations framework under Complementary Law No. 105 of January 10, 2001.

Licensing is mandatory for VASPs, involving an authorization process with the BCB that includes prudential requirements, detailed reporting obligations, and adherence to specific accounting standards. The Brazilian Securities and Exchange Commission (CVM) maintains jurisdiction over cryptoassets that qualify as securities, prohibiting unregistered public offerings.

Key restrictions include the prohibition for VASPs to opt for classification in Segment 5 (S5) and strict rules against unregistered public offerings of crypto-linked securities. The regulatory environment is dynamic, with numerous resolutions and normative instructions issued in 2026 detailing these requirements.

The ongoing issuance of new regulations and enforcement actions by both BCB and CVM indicates a sustained effort to build a robust and comprehensive framework for virtual assets, with a clear direction towards integrating VASPs into the traditional financial system's regulatory perimeter.

Who regulates

Banco Central do Brasil (BCB)
Primary regulator for Virtual Asset Service Providers (VASPs), responsible for their classification as financial institutions, prudential oversight, accounting standards, reporting requirements, and authorization processes.
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Comissão de Valores Mobiliários (CVM)
Regulates cryptoassets that qualify as securities, prohibiting unregistered public offerings and requiring CVM-registered auditors for VASP authorization reports.
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Core laws & rules

Complementary Law No. 105 (2001)
Establishes the confidentiality of operations framework, to which Virtual Asset Service Providers (VASPs) are now subject following their formal classification as financial institutions.
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CMN Resolution No. 5280 (2026)
Formally classifies Virtual Asset Service Providers (VASPs) as financial institutions, bringing them within the scope of Complementary Law No. 105.
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BCB Resolutions (various) (2026)
A series of resolutions from the Central Bank of Brazil that establish specific regulatory requirements for VASPs, including classification, prudential rules, reporting, accounting, and authorization timelines.
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Licensing & registration

Virtual Asset Service Provider (VASP) Authorization
VASPs must undergo an authorization process with the Central Bank of Brazil, which includes submitting a reasonable assurance report from an independent CVM-registered auditor and registering in the Unicad system. VASPs are classified as Type 3 institutions. Timeline: The authorization process includes a 280-day proposal analysis phase, with maximum administrative decision deadlines ranging from 60 to 1,080 days.
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Offering of Cryptoasset-linked Securities
Public offerings of cryptoasset-linked investment contracts or securities require registration and authorization from the Brazilian Securities and Exchange Commission (CVM).
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Restrictions & warnings

Virtual Asset Service Providers (VASPs) and their leading prudential conglomerates are prohibited from opting for classification in Segment 5 (S5).
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The public offering of cryptoasset-linked investment contracts or securities without proper registration with the CVM is prohibited.
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Direction of travel

The Central Bank of Brazil (BCB) and CVM are actively issuing new regulations and enforcing existing ones, indicating a sustained effort to build a robust and comprehensive framework for virtual assets, with BCB also undergoing internal reorganization for digital transformation.
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Sources

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This guide is compiled automatically from 20 primary-source documents published by Brazil's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.