Episode
Episode #174: Winners and Losers of Brazil’s New VASP Rules with Carlos Russo and Cesar Carvalho
- Podcast
- Brazil Crypto Report
- Published
- Nov 15, 2025
- Duration seconds
- 4074
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Summary
🙌 You can listen to BCR on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join the BCR English language Telegram group to continue the conversation Olá pessoal! You surely saw that Brazil’s Central Bank r eleased much-anticipated VASP regulations earlier this week. These rules have been in the works for three years now, and they bring significant clarity to the market and serve to (in some ways) level the playing field. To discuss what’s in these regulations, timelines and likely winners and losers, I’m joined by Carlos Eduardo Russo, CEO and co-founder of Bluegreen , and Cesar Carvalho, partner at Baptista Luz Advogados. Both Carlos and Cesar serve on the government relations team of the ABToken trade association and have been heavily involved in the rulemaking process. The VASP regulatory package comprises three primary resolutions addressing authorization requirements, operational compliance standards, and the integration of crypto assets into Brazil’s foreign exchange market. The framework represents the Central Bank’s attempt to balance market innovation with financial stability, though several contentious issues remain under discussion. Key Themes and Takeaways Authorization Timeline and Process * Regulations take effect February 2, 2025, with VASPs required to file formal authorization requests within nine months * A phased two-stage approval process is expected to span approximately three years from initial filing to final authorization * Companies must demonstrate operational readiness immediately upon filing, including compliance with cybersecurity, risk management, and AML obligations Capital Requirements Create Market Pressures * Minimum regulatory capital ranges from R$11.2 million to R$37.2 million depending on the business model * In…