Same Risk, Same Rules: Brazil to Regulate Crypto VASPs Like Traditional Securities Brokerages
The Central Bank of Brazil is tightening regulations for cryptocurrency companies and virtual asset service providers (VASPs). On Wednesday, the bank issued Resolution No. 580/2026, amending Resolutions 436/2024 and 201/2022, to classify VASPs and conglomerates led by these companies as Type 3. This category previously grouped securities brokerage firms, securities distribution firms, and foreign exchange brokerage firms; now VASPs face the same requirements.
Starting January 1, 2027, VASPs must comply with a set of prudential requirements, including risk management rules, capital requirements, and information disclosure policies. The central bank stated that this classification “brings the regulatory treatment of these companies closer to that adopted for brokerage and securities distribution firms, reflecting functional similarities between their business models,” aligning with international “same activity, same risk, same regulation” principles.
Additionally, VASPs will be included in Segment 4 by June 30, 2028, regardless of size. Segment 4 groups institutions whose size is less than 0.1% of Brazil’s GDP. The resolution also prevents VASPs from receiving Segment 5 benefits, which offer a simplified compliance regime for low-risk-profile institutions.
The bank concluded that the initiative advances “building a safe and proportionate regulatory environment for the development of activities with virtual assets in Brazil, aligned with international best practices.”
According to Valor Económico, the measure was not well received by crypto industry executives, who anticipate more consolidation in the ecosystem. One unidentified executive commented, “It doesn’t seem to make much sense in terms of ‘same risk, same regulation’. The positive thing is that it only comes into effect in 2027, so we have time to adjust.”