Brazilian Central Bank issues crypto regulatory rules, sets maximum capital threshold at $7 million

Jinse Finance reported that the Central Bank of Brazil has officially announced a regulatory framework for the crypto industry, requiring all Virtual Asset Service Providers (VASPs) to obtain a license from the central bank and to hold capital of at least 10.8 million to 37.2 million reais (approximately 2 million to 7 million US dollars), depending on the type of business. The new regulations bring crypto activities under the supervision of foreign exchange and capital markets, require companies to regularly report cross-border transaction data, and set restrictions on activities involving stablecoins, self-custody wallets, and crypto-to-fiat transactions.