Brazil’s cryptocurrency industry has seen far fewer companies enter the country’s new licensing process than initially expected, with roughly 40 institutions identified ahead of the October 30 deadline.
Summary
- Only around 40 institutions were identified in Brazil’s crypto licensing process before the October 30 deadline, well below earlier industry expectations of 150 to 200 applicants.
- Smaller crypto platforms have struggled with Brazil’s new capital, custody, auditing and compliance requirements, prompting some operators to withdraw from the market.
- Companies that missed the licensing deadline have 30 days to wind down operations, while banks and payment institutions…
