Brazil central bank tightens capital rules; up to 90% of crypto firms may exit
- —Only 20-25 of Brazil's 200-300 crypto firms will be able to apply
- —Required capital is up to 37.2 million reais (~$7.2 million) plus audits and AML reporting
- —About 10 companies are expected to receive licenses
- —Bitnuvem, NovaDAX, Digitra and Coinext are already cutting back or restructuring their businesses
Why it matters: Brazil's market is consolidating around a few licensed players, which lowers competition and client risk but limits choice.
Source: Digital Today