{"id":497,"date":"2026-02-06T15:18:19","date_gmt":"2026-02-06T18:18:19","guid":{"rendered":"https:\/\/dgn.adv.br\/?p=497"},"modified":"2026-02-23T15:54:26","modified_gmt":"2026-02-23T18:54:26","slug":"in-bcb-704-2026-prazos-regras-empresas-criptoativos","status":"publish","type":"post","link":"https:\/\/dgn.adv.br\/en\/in-bcb-704-2026-prazos-regras-empresas-criptoativos\/","title":{"rendered":"BCB Normative Instruction 704\/2026: What Cryptoasset Companies Need to Know"},"content":{"rendered":"<p>The Central Bank published Normative Instruction BCB 704\/2026 on January 29, 2026, which took effect on February 2. The rule details how virtual\u2011asset companies, foreign\u2011exchange brokers, and securities institutions must request operating authorization, complementing BCB Resolutions 519 and 520\/2025. It consolidates the formal and procedural requirements for filing authorization requests with the Central Bank of Brazil (BCB \u2014 Banco Central do Brasil).<\/p>\n<div>\n<p><strong>Authorization tracks provided by the Normative Instruction<\/strong><\/p>\n<p>The Instruction sets out distinct authorization regimes depending on whether a company is already operating or has yet to begin activities.<\/p>\n<p>For companies already operating: a two\u2011phase process, with a deadline of 10\/30\/2026 to prove active operations and submit audited financial statements. After the Central Bank\u2019s Phase\u20111 approval, there are 60 additional days (extendable) to complete the file, notably including the business plan and proof of economic capacity.<\/p>\n<p>For new entrants: the entire documentation package must be filed at once, including proof of financial capacity, source of funds, business plan, and governance structure.<\/p>\n<p><strong>Standardized documentation<\/strong><\/p>\n<p>All document templates are available in the Financial System Organization Manual (Sisorf \u2014 Manual de Organiza\u00e7\u00e3o do Sistema Financeiro). Applications are filed with the Department of Financial System Organization (Deorf \u2014 Departamento de Organiza\u00e7\u00e3o do Sistema Financeiro), and data are entered in the Unicad system (Unicad \u2014 the Central Bank\u2019s unified registry). Using Sisorf templates is mandatory and conditions the Central Bank\u2019s analysis.<\/p>\n<p><strong>Governance requirements<\/strong><\/p>\n<p>The rule requires virtual\u2011asset companies to adopt governance standards aligned with those imposed on financial institutions, including: \u2022 Corporate governance structure<br \/>\n\u2022 Internal controls and risk management<br \/>\n\u2022 Information\u2011technology infrastructure<br \/>\n\u2022 Anti\u2011money\u2011laundering policies under Law No. 9,613\/1998 (Brazil\u2019s AML statute)<br \/>\nThis governance must be proportionate to the company\u2019s size and risk profile.<\/p>\n<p><strong>Transparency on resources and financial capacity<\/strong><\/p>\n<p>Controlling shareholders and significant partners must demonstrate: \u2022 Economic\u2011financial capacity to structure and operate the company<br \/>\n\u2022 Lawful origin of funds invested in share capital<br \/>\n\u2022 Three\u2011year asset\u2011evolution history (for controllers abroad)<br \/>\n\u2022 Fitness and absence of legal impediments<br \/>\nThe Central Bank will run checks in public and private databases, including judicial and administrative records.<\/p>\n<p><strong>Who must comply<\/strong><\/p>\n<p>The rule directly affects: \u2022 SPSAVs \u2014 Sociedades Prestadoras de Servi\u00e7os de Ativos Virtuais (legal entities providing virtual\u2011asset services), i.e., firms engaged in buying, selling, custody, and intermediation of cryptoassets<br \/>\n\u2022 Foreign\u2011exchange brokers, CTVMs, and DTVMs \u2014 CTVM (Corretora de T\u00edtulos e Valores Mobili\u00e1rios: securities broker\u2011dealer) and DTVM (Distribuidora de T\u00edtulos e Valores Mobili\u00e1rios: securities distributor) seeking authorization or required to notify changes to the Central Bank<br \/>\n\u2022 Controllers and significant partners \u2014 individuals or legal entities with a qualified stake, who must prove financial capacity and fitness<br \/>\n\u2022 Administrators \u2014 appointed or elected officers and directors, who must demonstrate technical qualifications and market knowledge<br \/>\n\u2022 Third\u2011party service providers \u2014 companies delivering material services to PSAVs (PSAV \u2014 Prestadora de Servi\u00e7os de Ativos Virtuais: Virtual Asset Service Provider) must be identified in the business plan<\/p>\n<p><strong>Key regulatory deadlines for SPSAVs<\/strong><\/p>\n<p>October 30, 2026: final date for operating SPSAVs to file Phase 1, submitting: \u2022 Statement attesting the firm was operating on the reference date<br \/>\n\u2022 Audited financial statements for the last three fiscal years<br \/>\n\u2022 Declarations of unblemished reputation<br \/>\n\u2022 Authorizations for access to tax and registration data<br \/>\n\u2022 Information on control structure<\/p>\n<p>60 days after Phase\u20111 approval: deadline to file Phase 2 with supplemental documents: \u2022 Proof of economic\u2011financial capacity<br \/>\n\u2022 Source of funds invested<br \/>\n\u2022 Executive summary of the business plan<br \/>\n\u2022 Full documentation for administrators<br \/>\nThis period may be extended once for 60 days upon justification to the Central Bank.<\/p>\n<p><strong>Other important deadlines<\/strong><\/p>\n<p>5 days: notify the Central Bank of the effective start of operations after receiving authorization (maintained by IN BCB 704, art. 7).<br \/>\n15 days: file authorization requests for changes to share capital, corporate name, assumption and exercise of office by appointed\/elected administrators, or to request cancellation of authorization.<br \/>\n30 days: file authorization requests for transfer or change of control, merger, demerger, or change in the SPSAV\u2019s operating modality.<\/p>\n<p><strong>Points of attention for your company<\/strong><\/p>\n<p>Audited financial statements are mandatory<br \/>\nFor SPSAVs already operating, financials for the last three fiscal years must be audited by an independent auditor registered with the CVM (CVM \u2014 Comiss\u00e3o de Valores Mobili\u00e1rios: Brazil\u2019s Securities and Exchange Commission). If you do not yet have this setup, arrange for independent audit in advance.<\/p>\n<p>Required business\u2011plan content<br \/>\nThe executive summary or full plan (where required) must cover:<br \/>\n\u2022 Governance structure and internal controls<br \/>\n\u2022 IT and information\u2011security infrastructure<br \/>\n\u2022 Outsourced services in Brazil and abroad<br \/>\n\u2022 Anti\u2011money\u2011laundering policies<br \/>\n\u2022 Economic\u2011financial feasibility analysis<br \/>\nThe Central Bank reviews the plan as a central element of its viability and governance assessment.<\/p>\n<p>Controllers abroad have specific requirements<br \/>\nIf your controllers (individuals or legal entities) are domiciled overseas, you must provide documentation enabling verification of asset evolution over the last three fiscal years.<\/p>\n<p>Source of funds will be verified<br \/>\nThe declaration of source of funds is subject to substantive review by the Central Bank, which may request supporting documentation, particularly in cases of:<br \/>\n\u2022 Capital increases exceeding 50% of share capital<br \/>\n\u2022 Successive capital raises in the preceding six months<br \/>\n\u2022 Breach of operating limits<br \/>\n\u2022 Regularization plans<\/p>\n<p>Corporate changes require prior approval<br \/>\nShare\u2011purchase agreements transferring control must include a clause conditioning closing on Central Bank approval. This applies to:<br \/>\n\u2022 Transfers of control<br \/>\n\u2022 Admission of new significant partners<br \/>\n\u2022 Mergers, demergers, and incorporations<\/p>\n<p><strong>Required steps if authorization is denied<\/strong><\/p>\n<p>If the authorization request is denied and the company has already been registered with the state Board of Trade, there are only 15 days to:<br \/>\n\u2022 Dissolve the company, or<br \/>\n\u2022 Change the corporate purpose to a non\u2011regulated activity and amend the corporate name<\/p>\n<p><strong>Ongoing communications and authorization requests to the Central Bank<\/strong><\/p>\n<p>Even after authorization is granted, material changes must be reported to the Central Bank via Unicad (the unified registry), including:<br \/>\n\u2022 Changes to share capital<br \/>\n\u2022 Assumption and exercise of office by administrators<br \/>\n\u2022 Transfer\/change of control, merger, demerger, and change of operating modality<br \/>\n\u2022 Start or suspension of activities<br \/>\nFailure to meet filing or communication deadlines can cause regulatory complications.<\/p>\n<p><strong>What to do now<\/strong><\/p>\n<p>If your company operates or plans to operate with virtual assets, foreign exchange, or securities:<br \/>\n\u2022 Determine whether you fall under the transitional two\u2011phase regime or the full authorization procedure (operating firms use the transitional two\u2011phase track; new entrants follow the complete process from the outset).<br \/>\n\u2022 Map required documentation: compile the documents for your applicable regime and identify gaps that could affect your authorization timeline.<br \/>\n\u2022 Organize audited financial statements: plan the preparation of audited financials \u2014 a core requirement for operating SPSAVs and critical to meeting regulatory deadlines.<br \/>\n\u2022 Review governance: assess whether internal controls, AML policies (anti\u2011money\u2011laundering), and IT infrastructure meet regulatory requirements.<br \/>\n\u2022 Watch the deadlines: especially October 30, 2026 for operating PSAVs\/SPSAVs \u2014 this date is not extendable.<\/p>\n<p><strong>Why early preparation matters<\/strong><\/p>\n<p>Normative Instruction BCB 704\/2026 marks the transition of Brazil\u2019s virtual\u2011asset market to a fully regulated environment. Early alignment of governance, documentation, and internal controls reduces the risk of denial and delays in the authorization process. For companies already operating, advance organization of documents is essential given the short window to complete Phase 2. The complexity of procedures and breadth of required documentation make specialized legal support advisable from document\u2011preparation through direct interaction with the Central Bank.<\/p>\n<\/div>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>The Central Bank published Normative Instruction BCB 704\/2026 on January 29, 2026, which took [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,17],"tags":[],"class_list":["post-497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artigos","category-informativo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IN BCB 704\/2026: Prazos e Regras para Empresas de Cripto<\/title>\n<meta name=\"description\" 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