The Mercado Bitcoin (MB) filed its application for an operating authorisation with Brazil's central bank, the Banco Central do Brasil, this Tuesday (27), three days before the deadline set by Brazil's new cryptocurrency regulation. The company applied for a licence as a virtual asset exchange, which allows it to offer intermediation and custody services for cryptocurrencies.
The application is part of the process of complying with rules published by the Banco Central in November 2025, which introduced a requirement for specific authorisation for companies operating with digital assets in the country.
With close to 5 million customers, according to the company's own figures, Mercado Bitcoin has operated in Brazil since 2013 and offers, besides cryptocurrency trading, tokenised investment products, credit and payment solutions.
Filing the application, however, does not mean the company has already received the licence. The Banco Central still has to assess the documentation and verify compliance with regulatory requirements before granting final authorisation.
The new rules set requirements covering minimum capital, governance, internal controls, cybersecurity, anti-money laundering measures and risk management. They also include obligations aimed at protecting customers' funds and assets.
In a statement, Roberto Dagnoni, CEO and chairman of the board at Mercado Bitcoin, said the regulation could encourage institutional investors to enter the Brazilian cryptocurrency market.
Read also: How will the new crypto regulation protect investors? What changes under the Banco Central's rules
"The regulation marks a day one for the industry. It opens the door to institutional players, who until now were waiting for clear rules before getting involved," the executive said.
The deadline for companies already operating in Brazil to submit the first stage of their authorisation request ends this Friday (30). Institutions that file their application within the deadline will be able to continue operating during the transition period, subject to conditions set by the regulator.
Mercado Bitcoin takes on customers from exchanges that left Brazil
Mercado Bitcoin's application comes amid a reorganisation of the Brazilian cryptocurrency sector, driven by the new regulatory requirements.
In recent months, some companies have announced they are shutting down operations, while others have restricted services or sought partners to take over their customers.
Against this backdrop, Mercado Bitcoin signed agreements with Bitso and Bity to take on users from those platforms in Brazil. Coinext, which also announced the end of its activities, pointed its customers towards MB as an alternative.
The regulation could prove especially challenging for smaller companies, given the costs of maintaining capital, technology, security and internal control structures that meet the Banco Central's requirements.
For Vanessa Butalla, vice-president of Legal, Compliance and Risk at Mercado Bitcoin, the new regulatory framework could reduce uncertainty in the sector, but it will be important to watch how the requirements are applied across different companies.
"The challenge now will be to ensure these rules are applied equally to all participants, creating conditions for balanced competition and sustainable growth," she said.
The executive also believes that clearer rules could encourage new investors to enter the digital asset market.
Company plans stablecoin and tokenisation expansion for 2027
Beyond seeking authorisation to keep offering cryptocurrency services, Mercado Bitcoin is preparing to expand its activities in 2027.
According to the company, the strategy involves developing payment and stablecoin solutions, as well as expanding asset tokenisation, a technology used to digitally represent investments and other financial rights.
The company intends to strengthen its product offering for retail investors as well as companies and financial institutions. These plans, however, will depend on the rules applicable to each activity and on any authorisations that may be required.
For now, the application filed this Tuesday corresponds to the virtual asset exchange category. Completion of the process will depend on the Banco Central's assessment, with no guarantee of automatic approval simply because the company already operates in the Brazilian market.
With the 30 October deadline approaching, other companies are expected to announce their authorisation requests in the coming days, making it possible to identify which platforms intend to keep operating in the country under the new regulation.
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