Publications

The Central Bank of Brazil (BCB, Brazil’s Central Bank) and the National Monetary Council (CMN, Brazil’s highest financial‑system policymaking body) issued, throughout February 2026, a set of rules establishing operational, accounting and procedural requirements for Virtual Asset Service Providers (SPSAVs, in Portuguese “Sociedades Prestadoras de Serviços de Ativos Virtuais”). These measures form part of a broader effort to consolidate the regulatory framework for the sector, initially introduced through Law No. 14,478/2022 and subsequently expanded through additional regulations.

This regulatory movement goes beyond the creation of new obligations. It reflects the regulator’s intent to align the legal and operational treatment of SPSAVs with standards already applied to traditional financial institutions. Understanding this logic is essential for companies in the sector to accurately assess how the new rules affect their governance structures, internal controls and reporting routines.

Authorization Deadlines and Procedural Safeguards

Resolution BCB No. 548/2026, published on February 19, establishes new maximum deadlines for the Central Bank’s analysis of authorization requests submitted by SPSAVs: up to three years for entities already operating and up to two years for those that have not yet begun their activities.

As a result, the rule clarifies the operational procedures involved in the authorization process and provides greater predictability for companies awaiting the regulator’s decision. For the market, the definition of objective deadlines strengthens the strategic planning of SPSAVs undergoing regulatory alignment.

Operational Secrecy and Combatting Illicit Activities

On February 26, Resolution CMN No. 5,280 expanded the applicability of the provisions of Complementary Law No. 105/2001 to SPSAVs, subjecting them to the same confidentiality obligations applicable to financial institutions regarding customer and user operations.

The measure aims to enhance the capacity to prevent, detect and combat illicit practices within the virtual‑asset market, among other elements tied to financial‑system integrity. For SPSAVs, the extension of banking secrecy obligations requires reviewing internal data‑handling policies and reinforcing AML/CFT controls (Anti‑Money Laundering and Countering the Financing of Terrorism).

Specific Accounting Treatment for Virtual Assets

Resolutions CMN No. 5,281 and BCB No. 550, also published on February 26, introduce objective criteria for recognizing, measuring and reporting virtual assets in the financial statements of institutions authorized to operate by the Central Bank.

With the new regulation, virtual assets are no longer classified as “other non‑financial assets” and now receive their own accounting treatment, reflecting their specific characteristics. The rules define criteria for derecognition of the asset, whether through sale, substantial transfer of risks and benefits, or operational discontinuation. They also set out specific treatments for virtual assets issued by companies within the same corporate group and for non‑fungible tokens (NFTs), while preserving existing accounting standards applicable to assets that qualify as financial instruments or represent traditional assets.

Resolution BCB No. 550 applies to financial institutions, consortium administrators, payment institutions, securities brokers and dealers, and foreign‑exchange brokers, taking effect in January 2027.

This measure aligns Brazil with emerging international standards for the accounting treatment of cryptoassets, reducing information asymmetry between market participants and the regulator.

Operational Obligations: Registration, Custody and Reporting

Normative Instructions BCB No. 712 and No. 713, published on February 27, establish operational obligations for SPSAVs related to registration, custody and periodic reporting to the Central Bank.

Instruction 712 updates Article 10‑E of Normative Instruction BCB No. 330, requiring SPSAVs to register in Unicad (the Central Bank’s unified registry) information such as the date they notified the BCB of their intention to provide virtual‑asset services, intended service types (intermediation and/or custody), corporate registration details, the company responsible for technical certification and the date on which staking operations begin. The rule enters into force on March 9, 2026.

Instruction 713 then creates new CADOCs (Central Bank standardized reporting codes) related to custody, Proof of Reserves (PoR, a method used to demonstrate that a custodian has sufficient reserves to back client assets) and staking: code 5711, to be submitted daily, and code 5710, to be submitted monthly. These obligations relate to compliance with Resolution BCB No. 520/2025 and require SPSAVs, after submitting their authorization request, to register for document submission, designate a responsible administrator and maintain all information continuously updated.

The creation of new periodic reporting obligations enhances the regulator’s ability to continuously supervise the financial position and liquidity of SPSAVs, aligning with international best practices for transparency among custodians of third‑party assets.

Implications for the Sector

The regulatory package published in February 2026 signals a deepening of the Central Bank’s supervisory role over the virtual‑asset market and reinforces the convergence between the regulatory expectations applied to SPSAVs and those applied to traditional financial institutions. As a result, the measures broadly impact governance structures, accounting processes, reporting systems and compliance policies of companies operating in the sector.

Businesses that proactively prepare for regulatory compliance not only reduce operational and reputational risk but also build a stronger foundation for sustainable growth and the attraction of institutional investors.

Key Points of Attention

The February rules introduce obligations across three distinct layers: procedural, including new deadlines and registration requirements; accounting, with specific criteria for measurement and disclosure; and operational, with periodic information reporting to the regulator. The staggered implementation schedule requires careful planning by affected entities.

Next Steps for the Market

Companies operating in the virtual‑asset ecosystem should assess how their activities fit within the new rules, review their governance structures and internal controls, organize the documentation required for the authorization process with the BCB, and plan their compliance timeline according to the phased deadlines set by Resolutions BCB No. 548/2026 and BCB No. 550.

DGN continues to closely monitor developments in the digital‑financial sector and provides advisory support to companies seeking to understand and align with the regulatory framework for virtual assets.