The cryptocurrency exchange Bybit announced on Tuesday (20) that it has filed its application for authorisation to operate as a Virtual Asset Service Provider (Sociedade Prestadora de Serviços de Ativos Virtuais, or SPSAV) in Brazil. The company also said it has allocated around 5 million euros to the paid-in capital of its Brazilian operation, as part of its preparations to meet the requirements of the Banco Central do Brasil, Brazil's central bank.
The application was submitted ten days ahead of the 30 October deadline set by the regulator for crypto companies already operating in the country to submit initial documentation as part of the authorisation process.
According to Bybit, the preparations included forming a leadership team dedicated to the Brazilian market, with staff responsible for finance, legal, compliance and risk management. The local operation is led by Bruno Lopes, the exchange's country manager in Brazil.
"The filing marks another step in our commitment to building a solid, long-term operation in Brazil. We are combining Bybit's global technology with a local structure prepared to meet Brazilian requirements," Lopes said in a statement.
The executive added that the company views regulation as part of the sector's maturing process and as a foundation for developing services with greater transparency.
Also read: Crypto regulation: the status of each exchange in the central bank's authorisation process
Founded in 2018, the platform offers Bitcoin and other cryptocurrency trading services, alongside products aimed at investors and operators in the digital asset market.
Raphael Souza, Bybit's legal director in Brazil, said the company sought to draw on the experience gained through the European regulatory process.
"There was intensive coordination between the Brazilian team and Bybit's global legal, compliance, risk and product teams. We applied to Brazil the same regulatory standard that guided our authorisation under MiCA in Europe, granted in 2025: robust governance, segregation and custody of assets, anti-money laundering measures and transparency with clients," he said.
MiCA is the European Union's set of rules for the crypto asset market, which sets requirements for companies offering crypto-related services and for certain token issuers.
Despite the filing, Bybit does not yet hold final authorisation to operate as an SPSAV in Brazil. The application will be reviewed by the central bank, which may request additional documents before deciding on approval.
Exchanges race to meet central bank deadline
Bybit joins a growing list of companies that have announced authorisation requests in Brazil in recent weeks.
On Monday (19), OKX confirmed it had submitted its application to the regulator. The company intends to operate as a virtual asset broker and is also seeking authorisation for foreign exchange operations, according to information first published by Exame.
Other companies, including Brasil Bitcoin, UnblockPay and Crown, the issuer of the BRLV stablecoin, have also announced authorisation requests in recent days.
The activity comes amid changes driven by sector regulation published by Brazil's central bank in November 2025 and in force since February this year.
The new rules set requirements for minimum capital, governance, cybersecurity, internal controls, protection of client funds and anti-money laundering measures.
Service providers can be classified into three categories: intermediaries, custodians and virtual asset brokers. The classification depends on the services each company offers and determines part of the applicable regulatory obligations.
Also read: How much it costs to run a crypto company in Brazil under the central bank's new regulation
Beyond minimum capital, companies must demonstrate they have adequate operational structures and controls to carry out their activities.
For companies already operating in Brazil when the regulation took effect, the central bank set up a two-phase authorisation process. The first phase requires submission of initial documentation by 30 October 2026.
Filing the application allows companies covered by the transition regime to move forward in the review process, but it does not mean they have already received final licensing.
The higher costs of meeting the new requirements have also led some companies to reconsider their presence in the country.
Exchanges including Coinext, NovaDAX and Digitra.com have announced the closure of their Brazilian operations, while others have turned to partnerships or restructured their business models.
The situation points to a reorganisation of Brazil's cryptocurrency market, with international companies seeking to consolidate local operations and smaller firms weighing the costs of continuing to operate.
If you want to invest in cryptocurrencies securely, Mercado Bitcoin offers a special benefit for our readers: use the code PORTAL250 when you sign up and get a 50 EUR bonus in Bitcoin when you buy 250 EUR worth of assets. Click here to open your account.
