Coinbase submitted a virtual asset service provider (VASP) license application to Brazil’s Central Bank on October 28, ahead of the country’s October 30 deadline for crypto service providers seeking to maintain operations under transitional arrangements.
The US-based exchange is among the latest platforms to comply with Brazil’s new regulatory framework for crypto asset providers. Binance, another major cryptocurrency exchange, applied for authorization on October 23, according to the timeline. Providers that submit applications by the Friday deadline can continue operating while their submissions are reviewed.
A Coinbase spokesperson said, “We do not expect the application review to require a suspension of our existing services.” The company plans to expand beyond crypto services in Brazil, seeking separate regulatory authorizations for foreign exchange and payments operations.
Brazil’s VASP Framework
Brazil’s new virtual asset service provider framework requires platforms to meet governance standards, implement customer asset safeguards, and comply with specified compliance protocols. Existing crypto service providers must apply by the October 30 deadline to continue operating under transitional rules during the application review process.
Binance has already adjusted its Brazil operations to align with the new requirements, delisting 22 crypto assets and restricting crypto lending and margin trading services in the country.
Coinbase’s application represents the company’s commitment to maintaining its presence in Brazil while navigating the new regulatory environment.
