The deadline for cryptocurrency companies to apply for authorisation from Brazil's central bank, the Banco Central do Brasil, closes at 23:59 this Friday (30), marking one of the most important stages of the country's new sector regulation. In the final stretch, major exchanges, banks and firms specialising in stablecoins and tokenisation rushed to submit their applications, while other companies decided to wind down or scale back their operations in the country.
A survey by Cainvest, a company that built a tracker to monitor the authorisation processes, identified more than 50 institutions involved in applications, regulatory communications and other filings related to the new regime as of Thursday (29). The number could still rise through Friday, the last day for companies already operating in the Brazilian market to apply for a licence.
Among the companies that announced authorisation requests are Mercado Bitcoin, Binance, Coinbase, Bybit, OKX, Foxbit and Ripio. The list also includes firms focused mainly on the institutional market, such as Ripple, Transfero, Liqi, Lumx and Avenia. Banks including Itaú, Bradesco, Inter and Nubank also moved forward with formalising their digital asset activities, although financial institutions already licensed in Brazil follow a different regulatory procedure.
The move represents a significant shift in the structure of the Brazilian cryptocurrency market. Since 2 February 2026, companies offering intermediation and custody services for virtual assets have been subject to the rules governing Sociedades Prestadoras de Serviços de Ativos Virtuais (SPSAVs) — Brazil's licensed virtual asset service providers — set out mainly in Banco Central do Brasil Resolutions No. 519 and 520.
Also read: How to check whether a company has applied for a crypto licence from the Banco Central do Brasil
For companies that were already operating before the rules took effect, the Banco Central do Brasil set a 270-day transition period, which ends today, 30 October.
Submitting an application, however, does not mean a licence has already been granted. Companies that file the required documentation within the deadline may continue offering the services covered by their applications while they await a decision from the central bank, under the transition rules.
Which companies have already applied for authorisation from the Banco Central do Brasil?
The list of companies requesting authorisation grew significantly in the final weeks of October. By the end of September, the central bank's public case database showed only seven applications in progress: Transfero, Mazzera, PFPay, Masterpay, W Brasil Comércio, Onda Finance and Wynx Exchange.
Other companies announced their applications throughout October, particularly in the final week of the deadline. The wave includes not only traditional exchanges but also financial infrastructure firms that use stablecoins for cross-border payments, foreign exchange operations, tokenisation and services provided to other institutions.
The table below brings together 56 companies with identified authorisation cases, publicly announced applications or filings reported by specialist trackers as of the afternoon of 30 October, including Higherway Tech, whose application has already been rejected. The information was compiled from Cainvest's tracker, the central bank's public records, and statements and reporting on the applications. The list will be updated as new applications are announced, through to a final version after the deadline passes.
For banks such as Itaú, Bradesco, Nubank, Banco Inter and Braza Bank, what took place was a formalisation of their crypto-related services. As institutions already authorised to operate by the central bank, they can follow a regulatory notification procedure, distinct from the licence application required of the new SPSAVs.
It is worth noting that the central bank has not yet published a consolidated public list of all the applications submitted this month, and the previously released case database does not necessarily reflect the most recent filings.
Which companies decided not to apply for a licence and are leaving the market?
While some companies rushed to meet the deadline, others chose to shut down their activities or change their business model in Brazil.
Coinext was one of the companies that announced the end of its operations as an exchange. The firm said it could not meet the minimum capital requirements set by the central bank and did not consider it economically viable to make the investments needed to keep operating as an exchange.
Digitra also announced it would not file an application and decided to end its cryptocurrency trading and custody activities in the country.
NovaDAX, for its part, began winding down operations back in July. Bity, meanwhile, announced a partnership with Mercado Bitcoin to migrate its clients, exiting the brokerage segment it had previously operated in.
Among foreign platforms, Bitso decided to end direct services to Brazilian retail investors and also struck a partnership with Mercado Bitcoin to facilitate the transfer of its users. The company, however, remains focused on business-facing services.
Other companies followed similar paths. Lemon announced its exit from Brazil, while Revolut discontinued crypto buying and selling for Brazilian customers. Bitnuvem also announced it was shutting down its operations amid the regulatory changes.
Not every operational change, however, amounts to a full exit from the Brazilian market or a decision not to seek authorisation.
Crypto.com, for example, closed its real-denominated account but kept certain cryptocurrency services available. Ripio also changed the way it holds balances in Brazilian currency, but confirmed it applied for a licence from the central bank and will continue serving clients in the country.
What happens after the 30 October deadline?
For companies that submit their applications within the deadline, the end of the transition period does not mean automatic approval of a licence. The central bank will still need to review the documentation submitted and assess whether each company meets the regulatory requirements.
The process covers minimum capital requirements, corporate structure, governance, internal controls, anti-money laundering measures, cybersecurity and the management of risks associated with client assets.
One of the key changes concerns the cost of operating these companies. According to a survey carried out by Portal do Bitcoin, the minimum capital required can range from roughly 1.78 million euros to 6.12 million euros, depending on a company's activities and operational profile. These figures do not include ongoing costs for staff, technology, audits and other regulatory obligations.
This scenario could favour larger companies and financial institutions that already have similar structures in place, while also encouraging consolidation, partnerships and closures among smaller operators.
Companies that were subject to the new regime but fail to submit their applications within the deadline will have 30 days to stop providing the regulated services. This requirement is set out in Article 88 of Banco Central do Brasil Resolution No. 520.
Another relevant date is 6 November 2026, when additional restrictions take effect on transactions between institutions authorised by the central bank and virtual asset service providers that are not authorised, subject to exceptions set out in the regulation. The change was established under Banco Central do Brasil Resolution No. 589.
Alongside the authorisation processes under way, the central bank has already issued one rejection. In August, the authority turned down the application from Higherway Tech Soluções, known as Higher Global Payments, in a decision published in Brazil's official gazette, the Diário Oficial da União, in September.
With the 30 October deadline now passed, the Brazilian cryptocurrency market enters a new phase. Beyond identifying which companies decided to stay in the country, the coming months will show how many actually manage to meet the central bank's requirements and obtain final authorisation to operate.
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