{
 "jurisdiction_id": "BR",
 "jurisdiction": "Brazil",
 "url": "https://cryptoassets.gi/jurisdictions/brazil/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-17",
 "schema_version": "crypto-v2.0.0",
 "counts": {
  "modules": 8,
  "sourced_findings": 25,
  "source_register": 32
 },
 "modules": [
  {
   "code": "crypto_licensing",
   "name": "Crypto Licensing",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/brazil/#crypto-licensing-crypto-licensing",
   "standing_position": "Brazil's VASP licensing regime, built on Law 14,478/2022 and BCB Resolutions 519-521, has been in force since February 2, 2026, requiring authorisation, minimum capital (R$10.8M-R$37.2M), and applying a nine-month transition window closing in November 2026, after which non-compliant firms must cease operations. Foreign VASPs face an equivalent local-establishment requirement. A sourcing-tier contradiction affecting several Confirmed-tier claims in this module has been escalated for human verification and is not yet resolved.",
   "findings": [
    {
     "finding": "VASPs to operate, classified as intermediary, custodian, or virtual asset broker, under Resolution BCB 520",
     "instrument_type": "regulator",
     "source": "Banco Central do Brasil (BCB)",
     "source_url": "https://www.bcb.gov.br/en/pressdetail/2639/nota",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "VASP operating-authorisation process, updating rules for segments previously regulated by CMN (FX brokers, securities brokers/distributors)",
     "instrument_type": "regulation",
     "source": "Resolution BCB 519",
     "source_url": "https://www.bcb.gov.br/en/pressdetail/2639/nota",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "November 2026 compliance deadline (nine-month transition from Feb 2, 2026), after which non-compliant firms must cease operations",
     "instrument_type": "none",
     "source": "Existing VASPs (transition cohort)",
     "source_url": "https://www.theblock.co/post/378295/brazil-crypto-new-rules",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "R$10.8 million baseline (~US$2M), up to R$37.2 million for certain business types",
     "instrument_type": "none",
     "source": "VASP firms (BR)",
     "source_url": "https://www.coindesk.com/policy/2025/11/11/brazil-s-central-bank-sets-crypto-rules-establishes-up-to-usd7m-capital-bar-for-firms",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "the new BCB VASP framework or risk being barred from the market",
     "instrument_type": "none",
     "source": "Foreign VASP firms serving Brazilian clients",
     "source_url": "https://www.coindesk.com/policy/2025/11/11/brazil-s-central-bank-sets-crypto-rules-establishes-up-to-usd7m-capital-bar-for-firms",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "token_classification",
   "name": "Token Classification",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/brazil/#token-classification-token-classification",
   "standing_position": "Classification of crypto assets in Brazil follows a functional, economic-substance test: securities-type tokens fall under CVM/Law 6,385/1976, other virtual assets under Law 14,478/2022 and BCB oversight. CVM guidance (Parecer 40/2022) confirms technology alone does not determine security status. A CVM tokenization working group, installed July 2026, is developing an experimental framework for DLT-based securities on a multi-stage timeline. Stablecoin classification remains unsettled, resting on undated academic BCB analysis rather than binding guidance.",
   "findings": [
    {
     "finding": "crypto assets classified as securities under Law 6,385/1976; other virtual assets fall under Law 14,478/2022 / Decree 11,563/2023 and BCB oversight",
     "instrument_type": "regulator",
     "source": "Comissão de Valores Mobiliários (CVM)",
     "source_url": "https://revistapgbc.bcb.gov.br/revista/article/download/1252/132/1939",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "use of blockchain technology alone does not change whether an asset qualifies as a security",
     "instrument_type": "guidance",
     "source": "CVM Parecer de Orientação 40/2022",
     "source_url": "https://www.coindesk.com/policy/2026/07/20/brazil-s-securities-regulator-sets-up-task-force-with-60-day-deadline-for-tokenization-proposal",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "an experimental regulatory framework for tokenized securities; initial proposal due within 60 days of installation (July 2026), broader review running 120 days (extendable 30 days)",
     "instrument_type": "regulator",
     "source": "CVM Tokenization Working Group",
     "source_url": "https://www.coindesk.com/policy/2026/07/20/brazil-s-securities-regulator-sets-up-task-force-with-60-day-deadline-for-tokenization-proposal",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "stablecoins as utility tokens or security tokens depending on presence of a central controlling authority managing volatility, drawing on the Howey-test framework",
     "instrument_type": "none",
     "source": "Brazilian legal commentary (CVM/BCB reasoning)",
     "source_url": "https://www.bcb.gov.br/conteudo/eventos/Documents/moedas_digitais/tokenizacao/WorkTOK-Mimeo-Direito_1B_B_Stablecoins_Uma_analise_juridico_regulatoria_a_partir_de_suas_funcionalidades.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "on_chain_activity_regime",
   "name": "On-Chain Activity Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/brazil/#on-chain-activity-regime-on-chain-activity-regime",
   "standing_position": "Tokenization is the most developed on-chain vertical in Brazil, via active CVM sandbox/working-group engagement and B3's planned private-sector tokenization platform and stablecoin. Staking, DeFi lending, mining and validator activity remain entirely uncovered by any Brazilian regulator, a disclosed gap consistent with Law 14,478/2022's narrow enumeration of regulated services.",
   "findings": [
    {
     "finding": "registration, custody, trading and settlement of DLT-based securities, following sandbox tests of blockchain-based issuance and secondary trading",
     "instrument_type": "regulator",
     "source": "CVM regulatory sandbox / Tokenization Working Group",
     "source_url": "https://www.coindesk.com/policy/2026/07/20/brazil-s-securities-regulator-sets-up-task-force-with-60-day-deadline-for-tokenization-proposal",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "a tokenization platform and its own real-linked stablecoin in 2026 to enable asset tokenization/trading with shared liquidity",
     "instrument_type": "exchange",
     "source": "B3 (Brazilian stock exchange)",
     "source_url": "https://www.coindesk.com/business/2025/12/17/brazilian-stock-exchange-b3-to-launch-its-own-tokenization-platform-and-stablecoin",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "exchange between virtual assets and currency, transfer of virtual assets, and custody/administration of virtual assets — without express reference to staking, DeFi lending, mining, or validator node operation",
     "instrument_type": "law",
     "source": "Law 14,478/2022 (Marco Legal dos Criptoativos)",
     "source_url": "https://revistapgbc.bcb.gov.br/revista/article/download/1252/132/1939",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "stablecoin_regime",
   "name": "Stablecoin Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/brazil/#stablecoin-regime-stablecoin-regime",
   "standing_position": "Brazil has not enacted a dedicated stablecoin issuance-authorisation statute; stablecoin issuance and trading are addressed only indirectly via the general VASP licensing framework (Law 14,478/2022; BCB Resolutions 519-521). Stablecoin issuers are subject only to general VASP capital/governance requirements, absent stablecoin-specific reserve or redemption rules. A related IOF stablecoin-tax extension proposal remains paused.",
   "findings": [
    {
     "finding": "a dedicated stablecoin issuance-authorisation statute; stablecoin issuance/trading addressed only indirectly via the general VASP licensing framework (Law 14,478/2022; BCB Resolutions 519-521)",
     "instrument_type": "jurisdiction",
     "source": "Brazil (BCB stablecoin framework)",
     "source_url": "https://www.coindesk.com/policy/2025/11/11/brazil-s-central-bank-sets-crypto-rules-establishes-up-to-usd7m-capital-bar-for-firms",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "general capital and governance requirements applicable to all VASPs under BCB Resolution 520, absent stablecoin-specific reserve/redemption rules",
     "instrument_type": "issuer",
     "source": "Stablecoin issuers (BR)",
     "source_url": "https://www.coindesk.com/policy/2025/11/11/brazil-s-central-bank-sets-crypto-rules-establishes-up-to-usd7m-capital-bar-for-firms",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "consumer_protection",
   "name": "Consumer Protection",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/brazil/#consumer-protection-consumer-protection",
   "standing_position": "BCB's new VASP framework extends existing financial-sector customer-protection, governance, cybersecurity and incident-response requirements to VASPs, bars physical-currency handling, and (via Resolution 561) requires segregated client-fund accounts and monthly reporting for FX-adjacent crypto activity. One claim originally nested here (the Kalshi/Polymarket block) has been identified as deriving from Brazil's fixed-odds betting law rather than the BCB crypto-licensing apparatus and is routed to advennt as a crypto-gambling-nexus overlap.",
   "findings": [
    {
     "finding": "handling physical currency (domestic or foreign) and using foreign cash to purchase virtual assets",
     "instrument_type": "none",
     "source": "VASPs (BR)",
     "source_url": "https://www.coindesk.com/policy/2025/11/11/brazil-s-central-bank-sets-crypto-rules-establishes-up-to-usd7m-capital-bar-for-firms",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "existing financial-sector requirements including customer protection, governance, internal controls, cybersecurity policies and incident-response protocols",
     "instrument_type": "regulation",
     "source": "BCB VASP framework",
     "source_url": "https://www.theblock.co/post/378295/brazil-crypto-new-rules",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "segregated client-fund accounts for eFX-related crypto activity and detailed monthly reporting",
     "instrument_type": "regulation",
     "source": "BCB Resolution 561",
     "source_url": "https://www.coindesk.com/policy/2026/05/02/brazil-s-central-bank-bans-stablecoin-and-crypto-settlement-in-cross-border-payments",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "prediction-market platforms Kalshi and Polymarket, citing investor-protection and market-integrity concerns",
     "instrument_type": "regulator",
     "source": "Brazilian authorities (National Monetary Council)",
     "source_url": "https://www.theblock.co/post/399713/brazil-central-bank-prohibits-crypto-use-in-regulated-cross-border-payments-under-new-fx-rules",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "tax_treatment",
   "name": "Tax Treatment",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/brazil/#tax-treatment-tax-treatment",
   "standing_position": "Provisional Measure 1303/2025 reportedly imposes a flat 17.5% tax on all individual crypto profits, replacing the prior exemption/progressive-rate structure; this materiality-5 binding claim rests solely on T4 secondary reporting and has been downgraded to Probable per Challenger flag f-001 pending primary-source verification. Receita Federal is separately transitioning reporting from IN 1.888 to a CARF-aligned DeCripto system from July 2025, and a proposed IOF extension to stablecoin/crypto transactions remains paused.",
   "findings": [
    {
     "finding": "a flat 17.5% tax on all crypto profits for individuals, replacing the prior R$35,000/month exemption and progressive rates up to 22.5%, applying regardless of where assets are held",
     "instrument_type": "law",
     "source": "Provisional Measure 1303/2025 (Brazil)",
     "source_url": "https://www.coindesk.com/markets/2025/06/14/brazil-sets-flat-175-tax-on-crypto-profits-ending-exemption-for-smaller-investors",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "crypto reporting rule IN 1.888 with a new CARF-aligned system (DeCripto), starting July 2025",
     "instrument_type": "regulator",
     "source": "Receita Federal do Brasil",
     "source_url": "https://www.coindesk.com/policy/2025/11/30/stablecoins-drive-90-of-brazil-s-crypto-volume-tax-authority-data-shows",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "a planned public consultation on extending the IOF financial-transaction tax (proposed rates up to 3.5%) to stablecoin/crypto transactions, following industry objections re: constitutionality and Law 14,478/2022's non-fiat classification of virtual assets",
     "instrument_type": "regulator",
     "source": "Brazil's Finance Ministry",
     "source_url": "https://www.coindesk.com/policy/2026/03/23/brazil-s-finance-minister-delays-divisive-crypto-tax-plan",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "cross_border_transfer",
   "name": "Cross-Border Transfer",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/brazil/#cross-border-transfer-cross-border-transfer",
   "standing_position": "Resolution 521 folds crypto cross-border flows (international transfers, card settlement, self-custody transfers, fiat-referenced purchases) into the FX/capital-controls perimeter, effective Feb 2, 2026, with a US$100,000 per-transaction cap and monthly BCB reporting from May 4, 2026. Resolution 561 bans BCB-authorised eFX providers from stablecoin/crypto cross-border settlement from October 1, 2026 (enacted, not yet effective), while firms not yet authorised for eFX activity must apply by May 31, 2027, with interim segregation/reporting obligations already in force.",
   "findings": [
    {
     "finding": "international payments/transfers using virtual assets, settlement of international card obligations via virtual assets, transfers to/from self-custody wallets, and fiat-referenced virtual-asset purchases/sales",
     "instrument_type": "regulation",
     "source": "BCB Resolution 521",
     "source_url": "https://www.bcb.gov.br/en/pressdetail/2639/nota",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "international crypto transactions capped at US$100,000 per transaction, with monthly reporting to BCB required starting May 4, 2026 (client details, asset types, amounts in reais, counterparty links)",
     "instrument_type": "none",
     "source": "BCB-authorised VASPs (FX market)",
     "source_url": "https://www.coindesk.com/policy/2025/11/11/brazil-s-central-bank-sets-crypto-rules-establishes-up-to-usd7m-capital-bar-for-firms",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "BCB-authorised electronic FX providers from using stablecoins/crypto to settle cross-border remittances, effective October 1, 2026; does not prohibit individual investors from buying, holding, or transferring crypto",
     "instrument_type": "regulation",
     "source": "BCB Resolution 561",
     "source_url": "https://www.coindesk.com/policy/2026/05/02/brazil-s-central-bank-bans-stablecoin-and-crypto-settlement-in-cross-border-payments",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "May 31, 2027, using segregated client-fund accounts and filing detailed monthly reports in the interim",
     "instrument_type": "none",
     "source": "Firms not yet authorised for eFX activity (BR)",
     "source_url": "https://www.coindesk.com/policy/2026/05/02/brazil-s-central-bank-bans-stablecoin-and-crypto-settlement-in-cross-border-payments",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "aml_cft_regime",
   "name": "AML/CFT Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/brazil/#aml-cft-regime-aml-cft-regime",
   "standing_position": "AML/CFT is a subscribed surface for Brazil pending consolidation into financial-integrity: BR-specific AML/CFT findings (COAF STR reporting, Law 14,478 Art.4(VII) FATF-alignment directive, 2023 FATF Mutual Evaluation gaps) are carried natively by the financial-integrity monitor and are not duplicated here. No independent crypto-native AML/CFT claims are asserted in this module this cycle.",
   "findings": []
  }
 ]
}