Brazil: Non-deferred provisions of Resolution No. 521 which bring virtual asset service providers within the foreign exchange framework entered into force

On 2 February 2026, several provisions of Central Bank of Brazil (BCB) Resolution No. 521 entered into force. These provisions implement the framework for bringing virtual asset service provision within the foreign exchange market, covering international payments or transfers involving virtual assets, transactions linked to international card use, transfers to and from self-custodied wallets, and the purchase, sale, or exchange of virtual assets referenced in fiat currency. The provisions now in force give effect to prohibitions on the purchase or sale of virtual assets settled in foreign currency, restrictions on fund movements on behalf of third parties, identification requirements for self-custodied wallet owners, verification obligations concerning foreign virtual asset service providers, and limits on foreign exchange operations. They also operationalise the continued-activity conditions for entities operating under Article 9 of Law No. 14,478 of 21 December 2022 and apply the amended rules on external credit operations, foreign direct investment in virtual assets, reporting of fiat-referenced values, and compliance obligations relating to Brazilian capital held abroad in virtual assets.