Only Five Firms Apply for Crypto Licenses with Brazil's Central Bank

Only five companies have filed for virtual asset service provider (VASP) authorization with the Central Bank of Brazil, with one application already rejected due to documentation and capital requirement issues. With the October 30 deadline for the transition period approaching, the low number of applications is attributed to ongoing internal audits and preparations by other firms. Companies that were already operating before February 2 can continue while their applications are pending, whereas new entrants must receive approval before commencing operations, a process that could take several years.