Brazil Central Bank Says 30% of Crypto License Applicants Miss Capital Rules

Central Bank of Brazil regulatory director Ailton de Aquino Santos said about 30% of crypto service license applications fall short of capital rules, while 119 of 120 applications remain under review.

Santos also said many applicants have not submitted audited financial statements. The central bank has rejected one application. Capital shortfalls do not mean the same share of applicants will be denied, and the regulator has not identified the affected firms.

Brazil’s rules for crypto trading and intermediary services set minimum capital requirements as high as $7 million.