New Brazilian capital requirements threaten to force out nearly 290 crypto exchanges

New regulations from the Central Bank of Brazil require virtual asset service providers to meet strict capital, audit, anti-money laundering, and reporting standards, with capital requirements reaching up to $7.2 million (37.2 million BRL). Out of approximately 300 existing institutions, it is estimated that only 10 will successfully obtain licenses. Firms must apply for authorization by October 30, or cease operations within 30 days. Several smaller platforms, including Bitnuvem, NovaDAX, Digitra, and Coinext, have already restructured or ended retail services.