Bill Aims To Set Central Bank VASP Resolutions As Law
Brazil is currently evolving its cryptocurrency regulation to achieve a more stable and safer environment for both virtual asset service providers (VASPs) and retail users.
Federal Deputy Jonas Donizette introduced Bill No. 2946/2026 on Tuesday to regulate the processes related to the operation of companies providing virtual asset services, a project that seeks to establish a stable regulatory framework for both virtual asset service providers (VASPs) and their customers.
Donizette claims that the objective of this law is to give legal range to several resolutions published by the central bank, including Resolution No. 519 of 2025, which establishes the requisites that VASP must comply with to be authorized for operations; Resolution No. 520, which explains the rules regarding the provision of virtual asset service, and Resolution No. 521, which rules on which kind of transactions are classified as foreign exchange operations.
The project establishes the obligation to register with the relevant regulator to offer crypto services in the country, without mentioning the Central Bank of Brazil, which currently is the institution overseeing these processes.
The introduction of the project has had a mixed reception, with local media claiming that it could bring more rigorous vigilance of VASPs and their actions, contributing to the already strict regulatory burden over these institutions in Brazil.
Nonetheless, others claim that this will benefit the crypto market as a whole, given that these requirements will have the force of law, bringing more stability to the industry, as these cannot be changed as easily as simple rules.
The project is still in its initial stages and is expected to be enacted on the day of its publication, but will first have to be discussed and approved by both the Chamber of Deputies and the Senate.
