Coinbase seeks Brazil crypto license under new regulatory framework
Brazil’s end-of-October deadline for crypto service providers is pushing major exchanges to secure authorization under the country’s new regulatory regime. Coinbase says its application is intended to preserve existing operations in the market while regulators roll out stricter rules on governance, client asset protection and compliance.
Highlights
- Coinbase submitted an application to the Central Bank of Brazil on Wednesday to operate as a virtual asset service provider under the VASP framework.
- Brazil mandates existing crypto service providers to apply for authorization by the end of October to continue operating under transitional arrangements during regulatory review.
- Binance, having applied for authorization on Oct. 23, has restricted crypto lending, margin trading, and delisted 22 assets in Brazil to comply with new rules.
Brazil filing ahead of deadline
As reported by Cointelegraph, Coinbase submitted an application to the Central Bank of Brazil on Wednesday for authorization to operate as a virtual asset service provider under the country’s VASP framework.The U.S.-based exchange says the filing is designed to keep its current Brazilian business running as the central bank introduces new standards covering governance, safeguards for customer assets and compliance obligations. A Coinbase spokesperson says the company does not expect the review process to force a suspension of its existing services.
Coinbase also says it plans to bring its “Everything Exchange” strategy to Brazil, which could extend its offering into foreign exchange and payments alongside crypto services. Those additional activities would require separate regulatory approvals.
Broader impact on Brazil’s crypto market
Brazil requires existing crypto service providers to apply for authorization by the end of October if they want to continue operating under transitional arrangements. Providers that meet the deadline can keep operating while the central bank reviews their applications.Coinbase is joining other large exchanges in adapting to the new regime. Binance applied for authorization on Oct. 23, but has already restricted crypto lending, margin trading and other services in Brazil, while delisting 22 crypto assets to align its platform with the incoming rules.
In our earlier article on the Ibovespa (IBOV) sell-off, we covered how B3 triggered circuit breakers after a sharp early drop and temporarily widened futures movement limits as volatility spiked. We also noted that IBOV fell below key moving averages, with technical indicators and our expert commentary pointing to a defensive, bearish setup and elevated downside risk in the near term.
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