30% of Brazil crypto exchanges fail to meet capital rules

About 30% of exchanges that applied for virtual asset service provider registration in Brazil did not meet the central bank’s new capital requirements. Brazil’s central bank mandates up to 7200000 dollars in capital based on the business classification of the provider. The registration application deadline was October 30, with a total of 120 companies applying. Many firms failed to submit the externally audited financial statements required by the rules. Companies like Bitnuvem, NovaDAX, Digitra, and Coinext have exited the Brazilian market due to non-compliance with the new regulations. João Paulo Oliveira, founder of NoxPay, indicated that comments from central bank officials suggest that about half of the 120 applicants may not pass the initial screening.

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