Major Crypto Firms Delay Licensing Applications with Brazil's Central Bank

With the October 30 deadline approaching, many major cryptocurrency companies operating in Brazil have yet to file for authorization as Virtual Asset Service Providers (SPSAV) with the Central Bank. As of October 2, only seven firms, including Transfero and Wynx Exchange, had active application processes. While initial market expectations suggested between 50 and 150 applications, the actual number remains low, potentially due to industry restructuring, companies exiting the market, or firms utilizing existing financial institutions for services. The Brazilian Association of Cryptoassets (ABcripto) notes that firms are currently using the transition period to finalize compliance with capital, governance, and anti-money laundering requirements.