Only five crypto exchanges apply for licenses with Brazil's central bank
- —Five VASPs applied to Brazil's central bank; one rejected, four under review
- —Capital requirement of up to $7.2 million, application deadline October 30
- —Analysts expect only about 10 of roughly 300 companies to be approved
- —Lemon announced its exit from Brazil on September 17 due to the new requirements
Why it matters: Brazil's market is consolidating: most exchanges will leave, and new licenses could take up to three years to issue.
Source: Bitcoin.com