Crypto platforms operating in Brazil are changing course as the country’s central bank advances the rollout of its licensing regime for virtual asset service providers, known as PSAV. Digitra, Coinext and Bitso have each adjusted their local operations in recent weeks.
Digitra has already stopped trading services and decided not to apply for a PSAV license, effectively exiting the Brazilian market. Coinext said it will wind down its crypto trading business after failing to meet the minimum capital requirement. Bitso chose a different route: it is redirecting retail customers in Brazil to Mercado Bitcoin while keeping its institutional business line in place.
Under rules set by Brazil’s central bank, existing platforms that want to keep operating legally in the country after the late-October deadline must submit a PSAV license application before then. The latest moves point to a faster compliance-driven reshaping of what the report described as Latin America’s largest crypto market.
Brazil’s crypto trading sector is being reshaped as the country’s central bank moves ahead with the rollout of a licensing regime for virtual asset service providers, or PSAV.
Digitra, Coinext and Bitso have all changed their Brazil strategy in recent weeks. Digitra has stopped trading services and decided not to apply for a PSAV license, a move that effectively takes it out of the Brazilian market. Coinext, after failing to meet the minimum capital requirement, said it will carry out an orderly shutdown of its crypto trading business.
Bitso has taken a different approach. The company is directing its retail customers in Brazil to Mercado Bitcoin while keeping its institutional business line.
According to the rules set by Brazil’s central bank, existing platforms that want to continue operating in compliance in Brazil after the late-October deadline must submit a PSAV license application before that date. The latest adjustments suggest that a compliance-led shakeout is accelerating in Latin America’s largest crypto market.
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