Brazilië

Disclaimer: The regulatory information provided below is for general informational purposes only and may not reflect the most current legal developments. Cryptocurrency regulations are rapidly evolving and can change frequently. This information should not be considered legal or tax advice. Before making any business or investment decisions, please consult with qualified legal, tax, or financial professionals familiar with your specific jurisdiction and circumstances. Always verify current regulations with official government sources and regulatory bodies.

Legal Classification & Regulatory Framework

Cryptocurrency Status

Brazil has established itself as Latin America’s leading cryptocurrency market with one of the region’s most comprehensive regulatory frameworks. Law No. 14,478/2022, known as the Brazilian Virtual Assets Law (BVAL), took effect in June 2023 and provides the legal framework for digital assets in Brazil.

Under Brazilian law, cryptocurrencies are classified as “virtual assets” and are defined as digital representations of value that can be electronically transferred and used for payment or investment purposes. Importantly, cryptocurrencies are not considered legal tender in Brazil—the Brazilian Real (BRL) remains the only official currency. However, cryptocurrencies are recognized as legitimate assets that can be legally held, traded, and used as a form of payment where merchants accept them.

The regulatory framework establishes a clear taxonomy for different types of virtual assets. Payment tokens such as Bitcoin are used primarily as a means of exchange. Utility tokens provide access to products or services within specific platforms. Asset-backed tokens are linked to real or financial assets. Investment tokens that meet the definition of securities fall under separate regulatory jurisdiction. This classification determines which regulatory body oversees specific token types and the compliance requirements that apply.

Notably, the law explicitly excludes certain categories from its definition of virtual assets, including legal tender, electronic money, loyalty program points, and tokenized representations of assets already regulated under existing financial laws. Non-fungible tokens (NFTs) are also generally excluded from the primary virtual assets framework, though they may be subject to other regulations depending on their characteristics.

Tax Treatment

Brazil has established detailed tax rules for cryptocurrency transactions through the Receita Federal do Brasil (RFB), the country’s federal revenue service. Cryptocurrencies are treated as movable assets for tax purposes, similar to property, and are subject to capital gains taxation.

For individuals, capital gains from cryptocurrency disposals are taxed under a progressive rate structure. Gains up to R$5 million are taxed at 15%, with rates increasing to 17.5% for gains between R$5 million and R$10 million, 20% for gains between R$10 million and R$30 million, and 22.5% for gains exceeding R$30 million. Historically, monthly sales below R$35,000 with realized profits were exempt from capital gains tax, though recent legislative proposals have sought to modify this threshold.

Cryptocurrency received as income—whether from employment, freelance work, mining, or staking—is subject to standard income tax rates ranging from 7.5% to 27.5%, depending on the total income amount. Mining income is taxable at the time coins are received, based on their fair market value, and must be declared in annual tax filings.

Crypto-to-crypto exchanges are considered taxable events under RFB guidance. When swapping one cryptocurrency for another, taxpayers must determine the BRL equivalent value of both assets at the time of the transaction and calculate any resulting gain or loss.

Reporting requirements are substantial. Taxpayers must declare cryptocurrency holdings with an acquisition cost of R$5,000 or more in the “Bens e Direitos” (Assets and Rights) section of their annual tax return. Off-exchange transactions exceeding R$30,000 in a month must be reported through a Monthly Crypto Operations Statement. Brazil has adopted the OECD Crypto-Asset Reporting Framework (CARF), which requires enhanced reporting by Virtual Asset Service Providers and alignment with international tax transparency standards.

Regulatory Oversight

Brazil’s cryptocurrency regulatory framework involves multiple government agencies with complementary responsibilities. The Central Bank of Brazil (Banco Central do Brasil, BCB) is the primary regulator of Virtual Asset Service Providers (VASPs) under Law No. 14,478/2022 and Decree No. 11,563/2023.

The BCB is responsible for authorizing and supervising VASPs, issuing operational regulations, and overseeing compliance with anti-money laundering requirements. In late 2025, the BCB published three key resolutions (519, 520, and 521) that operationalize the virtual assets framework, establishing authorization pathways, operational requirements, and foreign exchange rules for VASPs.

The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, CVM) maintains jurisdiction over virtual assets that qualify as securities. Using criteria similar to the Howey Test, the CVM determines whether tokens grant rights typical of securities, such as equity participation, dividend rights, or governance powers. Security Token Offerings (STOs) and investment tokens fall under CVM oversight, while payment and utility tokens are generally under BCB supervision.

The Financial Activities Control Council (Conselho de Controle de Atividades Financeiras, COAF) oversees anti-money laundering compliance and receives suspicious activity reports from regulated entities. VASPs must implement robust AML/KYC procedures, monitor transactions, and report suspicious activities to COAF

Self-regulatory organizations also play a significant role. The Brazilian Association of Cryptoeconomy (ABCripto) has developed a Self-Regulatory Code and Anti-Money Laundering Guidelines that represent industry best practices, even though membership is voluntary.

Business Environment

Banking Relationships

The banking environment for cryptocurrency businesses in Brazil has evolved significantly as regulatory clarity has improved. Major Brazilian banks, including Itaú, Bradesco, and BTG Pactual, have increasingly engaged with the cryptocurrency sector, with some offering cryptocurrency trading services directly to customers.

The regulatory framework requires VASPs to maintain client asset segregation, separating customer funds from company assets. This requirement has helped build trust with traditional banking partners by aligning with established financial-sector practices for protecting client funds.

Brazil’s advanced digital payment infrastructure, particularly the Pix instant payment system, has created a favorable environment for cryptocurrency businesses. Pix facilitates rapid, low-cost transfers between bank accounts and cryptocurrency platforms, enabling efficient fiat-to-crypto on-ramps and off-ramps.

Stablecoin transactions, which account for a significant portion of Brazil’s cryptocurrency volume, are subject to foreign exchange regulations when involving fiat currency linkages. The BCB’s Resolution 521 treats such transactions as foreign exchange operations, requiring compliance with existing reporting and licensing protocols for international transfers.

Licensing Requirements

Under the Brazilian Virtual Assets Law, all VASPs must obtain authorization from the BCB to operate legally in Brazil. The regulatory framework covers entities that provide services, including crypto-to-fiat and crypto-to-crypto exchanges, the storage and administration of virtual assets, the transfer and transmission of virtual assets, and financial services related to virtual asset issuances.

The authorization process requires VASPs to become Sociedades Prestadoras de Serviços de Ativos Virtuais (SPSAVs)—licensed virtual asset service companies supervised by the BCB. Both new entrants and existing operators must complete this authorization process. Foreign firms seeking to serve Brazilian customers must either establish a local subsidiary or partner with a licensed local entity.

Minimum capital requirements range from R$10.8 million to R$37.2 million, depending on the activities undertaken. The authorization process for VASPs that have not previously operated in Brazil may take up to 360 days. Existing operators received transitional provisions allowing continued operation while completing the licensing process.

Licensed VASPs must implement comprehensive cybersecurity measures, including identity management controls, business continuity plans, incident response procedures, and data protection protocols. Regular independent audits are required, and firms must maintain transparency regarding regulations, business models, risks, and fee structures.

Innovation Support

Brazil has demonstrated strong government support for blockchain and fintech innovation. The BCB’s Financial and Technological Innovations Laboratory (LIFT), established in 2018, facilitates research and development of blockchain solutions for the national financial system.

The CVM operates a regulatory sandbox program that has authorized various initiatives, including tokenized securities trading platforms. This sandbox approach allows innovative projects to develop and test new products within a controlled regulatory environment before full market deployment.

The Blockchain Brazil Network (Rede Blockchain Brasil, RBB), launched by the Federal Court of Accounts (TCU) and the National Development Bank (BNDES), aims to improve integrity and security in public services through blockchain technology. This initiative explores integration with the national digital identity system (Gov.br) and the central bank digital currency project.

Drex, Brazil’s central bank digital currency initiative, represents a major innovation effort. Built on distributed ledger technology, Drex aims to enable tokenized assets, smart contracts, and improved access to credit. The project has progressed through extensive pilot testing with major financial institutions and is designed to complement Brazil’s existing digital payment infrastructure rather than replace it.

Market Characteristics

Adoption Patterns

Brazil represents one of the largest cryptocurrency markets in Latin America, with millions of Brazilians having engaged in some form of digital asset transaction. The country’s established digital payment culture, exemplified by the rapid adoption of Pix, has created a population comfortable with digital financial services.

Stablecoins have become particularly prominent in Brazil’s cryptocurrency ecosystem, accounting for a substantial majority of transaction volume. These assets are used extensively for cross-border payments, settlements, and as a store of value. The Brazilian Real’s historical volatility has contributed to interest in dollar-denominated stablecoins.

Institutional adoption has grown significantly, with institutional-sized transactions driving much of the market’s growth. Major financial institutions, including Itaú, BTG Pactual, and Santander Brasil, have launched cryptocurrency offerings, and cryptocurrency exchange-traded products have received regulatory approval and gained market acceptance.

Retail adoption continues to expand, supported by user-friendly platforms and improved regulatory clarity. While cryptocurrency is not legal tender, some merchants, particularly in e-commerce and tourism sectors, accept digital assets as payment through payment processor integrations.

Industry Focus

Brazil’s cryptocurrency industry encompasses a diverse range of activities. Cryptocurrency exchanges are not the most visible sector, with both domestic platforms, such as Mercado Bitcoin, and international exchanges serving Brazilian customers. The licensing requirements have encouraged market consolidation and professionalization.

Tokenization has emerged as a significant area of development, with Brazilian companies exploring tokenized securities, real estate, and receivables. The CVM’s regulatory framework for tokenized offerings, including through crowdfunding platforms under Resolution No. 88/2022, has facilitated this growth.

Remittances and cross-border payments represent another important use case, with cryptocurrency and stablecoin rails offering faster and potentially cheaper alternatives to traditional correspondent banking channels. This application is particularly relevant to Brazil’s extensive trade relationships and diaspora.

Blockchain development and enterprise solutions have also attracted investment, with Brazilian companies building applications for supply chain management, identity verification, and financial services infrastructure.

Regulatory Evolution

Brazil’s cryptocurrency regulatory framework continues to evolve rapidly. Following the enactment of the 2022 Virtual Assets Law, the BCB has conducted multiple public consultations to develop detailed implementing regulations. The 2025 resolutions represent the most comprehensive operational framework yet established.

Stablecoin regulation is an active area of development, given the significant role these assets play in Brazil’s cryptocurrency market. The BCB has announced plans to issue specific stablecoin regulations that address their unique characteristics, particularly their foreign exchange implications and systemic risk considerations.

Tax policy is also evolving. Provisional Measure No. 1,303/2025 proposed significant changes, including a flat 17.5% capital gains tax rate and the elimination of the R$35,000 monthly exemption. While under congressional review, this measure signals the government’s intention to harmonize cryptocurrency taxation with other financial assets.

Brazil has aligned its regulatory approach with international standards, including FATF recommendations for anti-money laundering and the OECD’s Crypto-Asset Reporting Framework for tax transparency. As a leading emerging market economy, Brazil’s regulatory choices may influence approaches adopted by other Latin American jurisdictions.

The development of Drex and the broader digital finance ecosystem represents Brazil’s strategic positioning at the intersection of traditional finance and blockchain innovation. By building regulatory clarity alongside digital infrastructure, Brazil aims to maintain its position as a regional leader in cryptocurrency adoption while ensuring financial stability and consumer protection.

For Current Information

Central Bank of Brazil (Banco Central do Brasil)
https://www.bcb.gov.br/en

Brazilian Securities and Exchange Commission (CVM)
https://www.gov.br/cvm/en

Federal Revenue Service of Brazil (Receita Federal)
https://www.gov.br/receitafederal/en

Financial Activities Control Council (COAF)
https://www.gov.br/coaf/en

Drex Project (Central Bank Digital Currency)
https://www.bcb.gov.br/estabilidadefinanceira/drex

Brazilian Association of Cryptoeconomy (ABCripto)
https://www.abcripto.com.br