What did Brazil's central bank require of crypto companies and stablecoin transfers in its November 2025 rules (Resolutions 519, 520 and 521), and when do they apply?

The full answer

What did Brazil’s central bank announce on November 10, 2025?

Banco Central do Brasil published Resolutions BCB 519, 520 and 521 on November 10, 2025. Its note that day said it had set rules for authorising and providing virtual asset services and had created a new kind of licensed firm, the virtual asset service company (SPSAV in Portuguese) [1]. The same note said the rules define which virtual asset activities belong to the foreign-exchange market and which fall under rules on international capital [1].

The resolutions came out of public consultations 97/2023, 109/2024, 110/2024 and 111/2024, according to the central bank [1].

What does Resolution 519 require of crypto companies?

Resolution 519 governs how virtual asset services are provided, who may provide them, and how SPSAVs are set up and run [1]. The central bank said it extends its existing rulebook to these firms. That covers customer protection and transparency, anti-money-laundering and counter-terrorist-financing controls, governance, security, internal controls and reporting [1].

Two kinds of firm may offer the services: some institutions the central bank already authorises, and SPSAVs created only for this purpose [1]. SPSAVs operate in one of three classes. They are intermediaries, custodians or brokers.

The Crypto Basic described the same split on February 13, 2026, citing a February 3 report. It wrote that the new rules require any company offering crypto services in Brazil to obtain formal authorisation from the central bank [2].

How does a firm get an SPSAV licence under Resolution 520?

Resolution 520 sets the rules for authorising SPSAVs to operate [1]. In its November 10, 2025 note, the Central Bank of Brazil said Resolution BCB 520 also updates authorisation processes for some segments previously regulated by the National Monetary Council, such as foreign-exchange brokerages, securities brokerages and securities distributors. The central bank said in its November 10, 2025 announcement that Resolution 520 sets the rules for authorizing SPSAVs to operate and also updates authorization processes for segments previously regulated by the National Monetary Council, such as foreign exchange brokers and securities brokers and distributors [1].

Firms already providing virtual asset services get their own track. Resolution 520 specifies the processes and deadlines for them to apply and meet its requirements, the central bank said [1].

Which crypto activities count as foreign exchange under Resolution 521?

Resolution 521 treats some activities of virtual asset service providers as foreign-exchange and international-capital operations [1]. The central bank listed four:

• international payments or transfers using virtual assets;
• transfers of virtual assets to settle obligations from international use of a card or other electronic payment method;
• transfers to or from a self-custodied wallet that do not involve an international payment, where the provider must identify the wallet’s owner and keep documented processes;
• buying, selling or exchanging virtual assets referenced to a fiat currency [1].

Providers authorised to operate in the foreign-exchange market may offer virtual asset services there [1]. The resolution also covers virtual assets used in foreign loans and foreign direct investment in Brazil. The central bank said in its November 10, 2025 announcement that Resolution 521 sets rules for some virtual asset service provider activities, which are treated as foreign exchange and international capital market operations, and that it also covers the use of virtual assets in external credit and foreign direct investment operations [1].

For comparison with other countries’ approaches, see the page on how XRP is classified and regulated outside the US.

Is there a cap on crypto transfers abroad?

Yes, for SPSAVs. The central bank said on November 10, 2025 that SPSAVs may offer virtual asset services in the foreign-exchange market but may not deal in physical cash, national or foreign [1]. Their international payments or transfers with virtual assets are limited to the equivalent of US$100,000 when the counterparty is not authorised to operate in that market [1].

Other firms face their existing limits. Foreign-exchange institutions that already have per-transaction limits with clients, such as brokers and distributors, apply those same limits to international payments with virtual assets when the counterparty is not an authorised institution [1].

When do the rules apply?

The central bank stated that Resolutions 519, 520 and 521 each enter into force on February 2, 2026 [1]. Reporting comes later. From May 4, 2026, providers must report foreign-exchange operations and foreign-capital operations in Brazil to the central bank [1].

What do reports add about capital and reserves?

The Crypto Basic reported on February 13, 2026, citing a February 3 report, that capital requirements run from about $2 million for basic operations to $6.9 million for full-service providers [2]. The same article said companies must segregate customer funds, keep independent audits and meet proof-of-reserves standards. It linked those measures to the 2022 collapse of FTX [2]. The central bank’s November 10, 2025 note does not give these figures; they come from The Crypto Basic’s report.

What limits and criticism come with the rules?

The Crypto Basic’s February 13, 2026 article called the capital requirements far higher than those of many global counterparts [2]. Higher capital raises the cost of entry for smaller firms. The rules also restrict what a crypto-only licensee can do: no cash dealing and a US$100,000 ceiling on cross-border transfers with counterparties outside the authorised foreign-exchange market, as the central bank set out on November 10, 2025 [1]. Self-custody transfers carry an identification duty on the provider.

Where does XRP fit in Brazil?

The Crypto Basic’s February 13, 2026 article, citing the February 3 report, said Brazil approved Latin America’s first spot XRP ETF in early 2025 [2]. Hashdex launched that fund on B3 under the ticker XRPH11, the article said [2]. It also reported that Braza Bank processed over $1 billion in stablecoin payments on the XRP Ledger in a single day in April 2025 and has issued BRL- and USD-backed stablecoins on the ledger [2]. Another Brazilian project on the ledger is covered in what VERT is building on the XRP Ledger for Brazilian private credit.