Brazil’s live framework (Virtual Assets Law 14.478/2022 + BCB Resolutions 519–521 effective Feb 2026) licenses virtual asset service providers (SPSAVs) under BCB supervision, explicitly defines and regulates fiat-referenced stablecoins with full-reserve and anti-algorithmic rules, and treats cross-border stablecoin flows as foreign-exchange transactions. Key requirements include local Brazilian incorporation, segregation of client assets, governance with dedicated officers, AML/CFT compliance, and monthly proofs of reserves. Bill PL 4.308/2024 (still proposed as of June 2026) would add further issuer-focused mandates. BCB is the primary regulator; CVM handles security-like tokens.
Applicable Laws:
Law No. 14.478/2022 (Law of Virtual Assets and VASPs) - https://www.demarest.com.br/wp-content/uploads/2025/11/Demarest_BC_regulamenta_a_prestacao_de_servicos_de_ativos_virtuais_EN.pdf
Decree No. 11.563/2023 (Regulation of the Virtual Assets Law) - https://www.lexml.gov.br/urn/urn:lex:br:federal:decreto:2023-06-13;11563
