Today is the deadline for Brazil’s new crypto regulations: the 270-day transition period ends today, and institutions that miss the deadline have only 30 days to wind down.
The rules took effect on February 2. Banks follow a notification process, while dedicated crypto platforms must apply for authorization. Brazil’s largest private bank, Itaú, was the first to submit a notification on October 27, covering trading and custody. The platform currently offers 15 assets, including Bitcoin, Ethereum, and USDC. The bank has allowed customers to buy and sell crypto assets since December 2023. Starting November 6, banks and payment institutions may not do business with unauthorized service providers. This cutoff was originally set for October 30, but a September 23 resolution pushed it back by a week. A major overseas platform had already submitted an application on October 23 and tightened restrictions on new loans and margin trading for Brazilian users.
Personally, I think November 6 is the real turning point: platforms without licenses won’t be able to access local Brazilian banking channels.
Which side are you on: will this approach—letting banks get compliant first, then cutting off banking access for unlicensed platforms—push out smaller platforms first, or force larger ones to localize first?
Follow me. Once the November 6 cutoff arrives, I’ll help you count how many platforms can still use Brazil’s banking channels.
$BTC $ETH
The rules took effect on February 2. Banks follow a notification process, while dedicated crypto platforms must apply for authorization. Brazil’s largest private bank, Itaú, was the first to submit a notification on October 27, covering trading and custody. The platform currently offers 15 assets, including Bitcoin, Ethereum, and USDC. The bank has allowed customers to buy and sell crypto assets since December 2023. Starting November 6, banks and payment institutions may not do business with unauthorized service providers. This cutoff was originally set for October 30, but a September 23 resolution pushed it back by a week. A major overseas platform had already submitted an application on October 23 and tightened restrictions on new loans and margin trading for Brazilian users.
Personally, I think November 6 is the real turning point: platforms without licenses won’t be able to access local Brazilian banking channels.
Which side are you on: will this approach—letting banks get compliant first, then cutting off banking access for unlicensed platforms—push out smaller platforms first, or force larger ones to localize first?
Follow me. Once the November 6 cutoff arrives, I’ll help you count how many platforms can still use Brazil’s banking channels.
$BTC $ETH
