Only 40 Crypto Firms Survive Brazil’s Strict Licensing Deadline

Reports indicate that after the October 30 deadline, out of the 150-200 companies expected, only 40 applied for operating licenses. The licensing process has consolidated the VASP industry, with many companies exiting Brazil as compliance requirements and costs ramp up. The period established by the Central Bank of Brazil for virtual asset service providers (VASPs) to submit a request to continue operating in the country has finished, and the balance indicates that a majority of firms decided to exit the market. According to local reports, of the expected 150 to 200 crypto firms, only around 40 applied to continue to operate and comply with central bank regulations, consolidating the service provider ecosystem.

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