To regulate exchange activities by virtual asset service providers (PSVAs or Virtual Asset Service Providers – VASPs, in English), the Brazilian Central Bank (BACEN) proposed, in a public consultation, the drafting of some rules.
The text is not definitive yet and can be changed based on the contributions presented in the public consultation, but it already demonstrates what the direction of the topic should be in 2025 in Brazil.
The draft proposed by BACEN suggests defining the activities of VASPs within the foreign exchange market as the provision of payment and international transfer services through the transmission of virtual assets, exchange or custody of virtual assets denominated in Brazilian reais for non-resident clients, and operations involving virtual assets denominated in foreign currency. Below we highlight 5 aspects of the rules proposed by BACEN:
1. Authorization for the use of virtual assets denominated in Brazilian reais by non-residents, subject to the rules defined by BACEN in the draft resolution attached to the public consultation;
2. Restriction on the transfer of virtual assets between residents, when denominated in foreign currency, to cases currently authorized under existing legislation;
3. Application of current international capital investment regulations to similar operations involving virtual assets;
4. Application of current international capital regulations to transactions related to external credit, direct foreign investment, and Brazilian capital abroad that utilize virtual assets;
5. Requirement for authorization to operate in the foreign exchange market and qualification to provide virtual asset services (as per future regulations) for interested parties to engage in the foreign exchange segment involving virtual assets.
Other initiatives similar to the public consultation suggest that the operation of services with virtual assets will be linked to authorizations and licenses already provided for in current regulations, which indicates that companies currently operating in this market will need to adapt to future definitive regulations.
