Stablecoin Payments Classified as Foreign Exchange in Brazil’s New Crypto Rules

_{Photo credit: marchello74 / Shutterstock.com} 

Brazil’s central bank, the Banco Central do Brasil (BCB), has unveiled a new regulatory framework that will supervise cryptocurrency services in a similar style to banks operating in the country. 

This means stablecoin payments and some non-custodial wallet transactions will be classified as foreign-exchange operations. Meanwhile, consumer protection, transparency, and AML/CFT laws that apply to traditional financial institutions in Brazil will also soon apply to virtual asset service providers (VASPs).

Under Resolutions 519, 520, and 521—published earlier this week—VASPs licensed and operating in Brazil will now be officially categorized under a new classification: Sociedades Prestadoras de Serviços de Ativos Virtuais (SPSAVs).

This also means that any purchase, sale, or exchange of fiat-pegged virtual assets (i.e., stablecoins)—including international transfers or payments—will be treated as a foreign-exchange operation. VASPs will be subject to the same cross-border transfer obligations as foreign-exchange firms and must identify and verify the owner of non-custodial wallets for transactions when involving a VASP intermediary.

The new framework is scheduled to take effect on February 2, 2026, with mandatory reporting for capital-market and cross-border operations beginning May 4, 2026. The regulations signal how Brazil is moving toward tighter oversight as the BCB says this move is aimed at boosting legal certainty, preventing regulatory loopholes, and ensuring stablecoin flows are reflected in Brazil’s official balance-of-payments data.