Brazil: Central Bank of Brazil adopted Resolution No. 520 regulating the formation and operation of companies providing virtual asset services

On 10 November 2025, the Central Bank of Brazil (BCB) adopted Resolution No. 520 regulating the formation and operation of companies providing virtual asset services. The Resolution sets out the obligations of authorised virtual-asset service providers such as intermediaries, custodians or brokers. Service providers must comply with a number of requirements on eligible activities, governance, capital and corporate naming, including a minimum of three directors responsible for conduct. The Resolution introduces obligations regarding anti-money-laundering, namely the requirement to document user information about originators and beneficiaries of transactions. The Resolution further imposes rules internal controls, risk and capital management, and cybersecurity and specifies obligations regarding the segregation of financial resources and virtual assets, including separate wallets, independent audits, and mechanisms for proof-of-reserves. The Resolution enters into force on 2 February 2026, but provides for a staged implementation period regarding different operators and obligations.