LogoRegulatory Alerts

Brazil: fintech & payments regulation

Regulated

BCB regulates payments & VASPs; CVM oversees securities; Pix is the core infrastructure

Lead regulator
Banco Central do Brasil (BCB)
Also involved
CVM (securities/crypto-assets) · NFIU (AML)
Core law
Law No. 10,934/2004 (Payment Institutions) & BCB Resolutions
Entry capital
BRL 100,000 (Payment Institution)
Approval timeline
6-12 months (PI); 280 days (VASP analysis)
Customer assets
Segregated in bank accounts; no commingling
Data protection
LGPD (Lei Geral de Proteção de Dados)
Sandbox
Yes - CVM Regulatory Sandbox

Brazil's fintech landscape is dominated by the Central Bank (BCB), which licenses Payment Institutions (PIs) and Virtual Asset Service Providers (VASPs). The BCB mandates participation in Pix, the instant payment system, for most payment activities. The Securities and Exchange Commission (CVM) regulates securities and crypto-assets linked to investments. The regulatory direction is toward stricter capital, cybersecurity, and operational transparency requirements.

Which licence do you need?

Your activityRequirementCapitalTimelineAuthority
Payment processing / gatewayLicencePayment Institution (PI)[1][2]

Mandatory Pix participation required for most payment services

BRL 100,0006-12 monthsBanco Central do Brasil
E-money & wallet issuanceLicencePayment Institution (PI)[2][3]

Issuance of electronic money requires PI license and Pix integration

BRL 100,0006-12 monthsBanco Central do Brasil
Domestic money transferLicencePayment Institution (PI)[2]

Domestic transfers typically executed via Pix or bank transfers

BRL 100,0006-12 monthsBanco Central do Brasil
Cross-border remittanceLicencePayment Institution (PI)[4][2]

Cross-border payments require PI license and BCB authorization

BRL 100,0006-12 monthsBanco Central do Brasil
Agent networkLicencePayment Institution (PI)[2][1]

Agent networks must be authorized under PI framework

BRL 100,0006-12 monthsBanco Central do Brasil
Open banking / account informationLicencePayment Institution (PI)[1][5]

Mandatory participation for large institutions; optional for others

BRL 100,0006-12 monthsBanco Central do Brasil
Foreign-exchange servicesLicencePayment Institution (PI) or FX Broker[4][6]

FX brokerage companies require specific BCB authorization

BRL 100,000 (PI)6-12 monthsBanco Central do Brasil

New — what changed recently

  • 2026-07-09BCB Instruction Normative No. 760 — Mandates adoption of Version 9.0 of the Customer Experience Manual for Open Finance.[1]
  • 2026-06-25CMN Resolution No. 5320 — Mandates blocking of accounts for unauthorized fixed-odds betting operations.[7]
  • 2026-05-29BCB Normative Instruction No. 739 — Requires VASPs to submit reasonable assurance reports from CVM-registered auditors.[8]
  • 2026-04-30BCB Resolution No. 561 — Establishes comprehensive regulatory framework for international payment/transfer service (eFX).[4]
  • 2025-12-24Joint Resolution No. 16 — Regulates Banking as a Service (BaaS) provision by financial and payment institutions.[9]

Market-entry checklist

  1. 1Register in Unicad systemComplete registration in the Unicad system for entities of interest to the Central Bank.
  2. 2Apply for PI licenseSubmit application for Payment Institution license with minimum BRL 100,000 capital.
  3. 3Integrate with PixAdhere to the Instant Payment System (SPI) and complete mandatory technical testing.
  4. 4Implement cybersecurityComply with BCB Resolution No. 85 (amended by No. 538) for cybersecurity and cloud services.
  5. 5Establish AML proceduresImplement robust Anti-Money Laundering procedures and report to the National Financial Intelligence Unit.

Sources

  1. Central Bank of Brazil Instruction Normative No. 760 — Discloses Version 9.0 of the Customer Experience Manual for Open Finance · 2026-07-09
  2. Circular No. 4027 — Establishes the Instant Payment System (SPI) and the Instant Payment Account (Conta PI) and approves their regulations · 2020-06-12
  3. CMN Resolution No. 5,273 — Amending CMN Resolution No. 5,051 Regarding the Organization and Operation of Credit Cooperatives · 2025-12-18
  4. Central Bank Resolution No. 561 of April 30, 2026, Amending Resolution BCB No. 277 to Enhance Regulations on the International Payment or Transfer Service (eFX) · 2026-04-30
  5. Joint Resolution No. 10 — Amends Joint Resolution No. 1 of May 4, 2020, Regarding the Implementation of Open Finance · 2024-07-04
  6. BCB Resolution No. 542 — Establishes Conditions for the Formation, Organization, and Operation of Foreign Exchange Brokerage Companies · 2025-12-18
  7. CMN Resolution No. 5320 - Provisions on the Blocking of Accounts and Impediment of Financial Transactions for Individuals and Legal Entities Operating Fixed-Odds Betting Lotteries Without Authorization · 2026-06-25
  8. Central Bank of Brazil Normative Instruction No. 739 of May 29, 2026 · 2026-05-29
  9. Joint Resolution No. 16 — Regulates the Provision of Banking as a Service (BaaS) by Financial Institutions and Payment Institutions · 2025-11-28
This guide is compiled automatically from 9 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.