Brazil: Central Bank of Brazil adopted Resolution No. 521 to include activities or operations of virtual asset service providers in foreign exchange market

On 10 November 2025, the Central Bank of Brazil (BCB) adopted Resolution No. 521. The Resolution brings the activities and operations of virtual asset service providers within the scope of the foreign exchange framework and defines international payments or transfers involving virtual assets, including 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. It prohibits the purchase or sale of virtual assets with payment or receipt in foreign currency, restricts fund movements on behalf of third parties, and imposes obligations to identify the owners of self-custodied wallets and to verify the supervisory status of foreign virtual asset service providers. It also introduces operational limits, authorisation requirements, reporting obligations set out in Annex II-A, amendments to Annex V, and rules on external credit operations, foreign direct investment in virtual assets, and Brazilian capital held abroad in virtual assets. The Resolution amends BCB Resolutions Nos. 278 and 279 of 31 December 2022 for the purpose of implementing Article 7(V) of Law No. 14,478 of 21 December 2022, in conjunction with Article 1 of Decree No. 11,563 of 13 June 2023.