Brazil Tightens Crypto Regulations, Digitra and Others Adjust Operations

iconKuCoinFlash
Share
This is the logo of the coin.
BTC
$78,215.70-1.37%
This is the logo of the coin.
ETH
$2,475.60-1.48%
This is the logo of the coin.
XRP
$1.38-3.7%
This is the logo of the coin.
SOL
$101.67-3.12%
This is the logo of the coin.
DOGE
$0.08552-5.81%
AI summary iconSummary
Brazil’s central bank is advancing crypto exchange regulations, compelling local platforms to adapt. Digitra suspended services on September 8 and will not seek PSAV authorization, effectively exiting the market. Coinext is shutting down its trading operations after failing to meet capital requirements. Bitso is migrating its retail clients to Mercado Bitcoin while maintaining its institutional business. All platforms must apply for PSAV by October 31 to remain operational. This move reflects Brazil’s push for stricter oversight of liquidity and crypto markets, signaling a more regulated environment for virtual asset service providers.

Odaily Planet Daily reports: As the Central Bank of Brazil advances the implementation of the authorization system for Virtual Asset Service Providers (VASPs), local cryptocurrency exchanges are undergoing a regulatory reshuffling. Digitra, Coinext, and Bitso have recently adjusted their business strategies in Brazil.

Among them, Digitra ceased its trading services on September 8 and decided not to apply for PSAV authorization, effectively exiting the Brazilian market; Coinext announced it would orderly shut down its cryptocurrency trading operations due to failing to meet minimum capital requirements; Bitso chose to redirect its individual retail customers in Brazil to Mercado Bitcoin while retaining its institutional business line.

According to regulations from Brazil’s Central Bank, existing platforms wishing to continue operating compliantly in Brazil after the October 31 deadline must submit a PSAV authorization application before then. This round of adjustments may signal that Latin America’s largest crypto market is accelerating into deeper waters of regulatory compliance. (CriptoNoticias)

Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.