Brazil Central Bank's $7.2 Million Capital Requirement May Force 290 Crypto Exchanges to Exit

The Central Bank of Brazil has introduced new capital requirements for crypto exchanges, reaching up to 37.2 million BRL (approximately $7.2 million). Out of 200 to 300 local virtual asset service providers, only 10 to 25 are expected to qualify for licenses, potentially leading to the exit of around 290 firms. Companies must submit applications by October 30, with non-applicants required to cease operations within 30 days. Platforms such as Bitnuvem and NovaDAX have already announced restructuring or the suspension of retail services.