Over 90% of crypto firms in Brazil may exit due to new capital regulations

New capital regulations imposed by the Central Bank of Brazil (Banco Central do Brasil) could force over 90% of the country's crypto firms to exit the market. Reports indicate that out of an estimated 200 to 300 Virtual Asset Service Providers (VASPs), only about 20 to 25 are expected to meet the requirements to apply for licenses, with only around 10 likely to receive approval. The full impact of these regulations is expected to be revealed after October 30.