Brazil's central bank sets tough capital rules for crypto firms
- —Capital requirement is up to 37.2 million reais (~$7.2 million) per company
- —Only about 10 of 200-300 crypto services will obtain a license
- —License applications open on October 30
- —Those that opt out get 30 days to close and notify clients
Why it matters: Brazil is tightening crypto regulation, which could push most local players out of the market.
Source: Siam Blockchain
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