Brazil's VASP license application period ends, with only ~40 firms applying.

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Brazil’s central bank has closed the application window for VASP regulation for crypto firms. Only around 40 companies applied, far below the expected 150 to 200. Firms that applied may continue operating during the review period; others must cease activities by November 6. Starting that date, banks will block transactions with unlicensed entities to support counter-terrorism financing (CFT) efforts.

PANews, November 2 — According to Bitcoin News, the Central Bank of Brazil previously set a deadline for Virtual Asset Service Providers (VASPs) to apply for permission to continue operating in Brazil; that deadline has now passed. Of the estimated 150 to 200 cryptocurrency businesses, only about 40 have submitted applications to continue operations and committed to complying with the central bank’s regulatory requirements. Companies that have submitted applications may continue operating during the central bank’s review period; those that did not apply must wind down their operations and exit the market within one month after the October 30 deadline. Starting November 6, banks will block transactions involving unlicensed cryptocurrency businesses, cutting off their access to fiat currency services. Although additional companies may still apply for operating licenses in Brazil in the future, the Central Bank of Brazil’s review process for applications may take up to two years.

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