Less than 10% of companies operating in Brazil's crypto market plan to apply for a Central Bank license by the October 30 deadline. Industry estimates suggest that out of 150-300 crypto companies, only 20-25 firms might apply, and only about 10 of them will receive a license. Under the new rules introduced in February, existing companies must either begin the authorization process or cease operations within 30 days of the set deadline.
According to Valor Investe, the minimum capital requirements range from 10.8 million to 37.2 million Brazilian reals. Companies are required to comply with governance, security, audit, and compliance standards. These requirements have made the authorization process complex and costly for small and medium-sized companies. Many players have already started closing or reallocating their assets, including Bitnuvem, NovaDAX, and Coinext, citing high operational costs and the new regulatory environment as the main reasons for their exit. Such measures have altered the landscape of the Brazilian crypto market and prompted some to rethink their market strategy.
Industry representatives note that further closures and client transitions may occur as companies decide whether to continue their operations or work through other regulated structures. However, some companies argue that compliance with the new rules is an integral part of operating in a regulated market. "Regulation – it's not something you lament, but something you comply with," noted one industry participant. While major Brazilian banks like Itaú and Bradesco continue to expand their presence in the crypto market, smaller companies face increasing costs to comply with the new standards. This could lead to the loss of innovative ideas and business models capable of competing in the growing digital asset market.
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