#BrazilCryptoExchangesMustApplyForLicensesByFriday 🚨 BRAZIL CRYPTO LICENSE DEADLINE IS TOMORROW (OCT 30)
🕒 Updated: Oct 29, 23:28 UTC
• Exchanges already operating in Brazil must file for authorization with the central bank (BCB) by Friday, Oct 30
• Those that file on time can keep operating during the review, which lawyers say may take up to 2 years
• Those that miss it must stop serving clients within 30 days, according to lawyers quoted by TokenPost
• Minimum capital runs from about 10.8M to 37.2M reais, depending on the license type
• Binance, OKX and Coinbase have already filed, according to TokenPost
• From Nov 6, banks face limits on crypto transfers with unauthorized providers
• About 80% of declared crypto volume in Brazil moves through dollar-pegged tokens, per a CertiK report
My take: Brazil ranks 5th worldwide for crypto adoption (Chainalysis data cited by CertiK). With most volume in stablecoins like $USDT , a licensed shortlist should pull volume toward the big exchanges, while smaller offshore players may exit or sell to local firms.
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Good for adoption, or a squeeze on smaller exchanges? 👇
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Not financial advice. Crypto is volatile. Manage your risk.