Brazil VASP licensing application period ends; about 40 companies submit applications
BIBIBI
AT A GLANCE
Reports said that about 40 crypto companies in Brazil submitted applications before the VASP licensing application deadline, including Binance and Itaú.
Article
[Only about 40 crypto companies in Brazil submitted applications before the licensing application deadline]
According to Livecoins, citing local reports, the application period for virtual asset service provider (VASP) licenses established by the Central Bank of Brazil ended on October 30. While 150 to 200 companies were expected to participate, only about 40 submitted applications, including major institutions such as Binance and Itaú. Companies that applied may continue operating while the central bank reviews their applications. Companies that did not apply must orderly exit the market within 1 months of the deadline. The central bank's response period for new applications may be as long as 2 years.
Key points
01
According to Livecoins, citing local reports, the VASP licensing application period established by the Central Bank of Brazil ended on October 30.
02
While 150 to 200 companies were expected to participate, only about 40 submitted applications.
03
Companies that submitted applications include major institutions such as Binance and Itaú.
04
Companies that applied may continue operating while the central bank reviews their applications.
05
Companies that did not apply must orderly exit the market within 1 months of the deadline.
06
The central bank's response period for new applications may be as long as 2 years.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
VASP refers to virtual asset service providers. The report states that companies need to apply to the Central Bank of Brazil for a license; according to the article, those that applied on time may continue operating during the review period, while those that did not apply must exit the market. Submitting an application does not mean that a license has already been granted.
Why it matters to readers
The number of applications was below the expected number of participants cited in reports, and companies that did not apply face exit requirements, potentially affecting which companies can continue providing related services in Brazil.
Beginners should distinguish between “submitting an application” and “obtaining a license.” The article only confirms that Binance and Itaú were reported as applicants; it does not state that their applications have been approved.
Risks and unknowns
The news was reported by Livecoins citing local reports; the original article did not provide a Central Bank of Brazil announcement.
The exact number of about 40 companies and the full list of applicant companies cannot be confirmed from the original article.
Binance Whether Binance, Itaú, and other applicants will ultimately be approved remains unknown.
The original article only states October 30 and does not specify the year.
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Related concepts
VASP
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