Brazil: Central Bank of Brazil adopted Resolution No. 519 regulating authorisation processes related to operation of foreign exchange brokerage firms, securities brokerage firms, securities distribution firms, and virtual asset service providers

On 10 November 2025, the Central Bank of Brazil (BCB) adopted Resolution No. 519, which enters into force on 2 February 2025. The Resolution regulates authorisation processes for foreign exchange brokerage firms, brokerage firms dealing in securities and other financial instruments, securities and exchange distribution companies, and companies providing virtual asset services. It sets requirements for the authorisation process, including economic and financial capacity, lawful origin of resources, economic and financial viability, information technology infrastructure, corporate governance structure, unblemished reputation, business-sector knowledge, technical training, minimum capital and equity, and physical address of the headquarters. The Resolution further sets out the process under which the BCB issues regulations, the conditions it may attach, and is able to effect the cancellation of authorisations. The Resolution further establishes a two-phase authorisation process specifically for virtual asset service provider companies under Article 9 of Law No. 14,478 of 21 December 2022.