Americas/BR/Comparables
Brazil
Banco Central do Brasil / CVM
A two-door statute. Law 14.478/2022 is the legal framework for virtual assets; the Central Bank licences VASPs; the CVM keeps tokens that are securities. It is a CASP-plus-securities split, closer to Japan and Singapore than to RCA’s Howey wrapping.
Law
14.478/2022
VASP door
BCB
Securities door
CVM
Similar regulation
The statute book
Primary instruments, with the RCA job each one actually does. Links open the official text.
- In force
VASP perimeter — not an offering exemption
- Banco Central do Brasil — virtual-asset service providersBCB as licensing authority under Law 14.478In force
CASP analogue
Translation
Rule 100–500 map
| RCA | Peer | Fit | Desk |
|---|---|---|---|
| Rule 100 | Virtual asset (Law 14.478) vs CVM security-token | Partial | Two-door characterisation. CIC has no Brazilian translation. |
| Rule 200 / 300 | CVM offering rules if the token is a security | Partial | No $5M website exemption for a non-security virtual asset. |
| Intermediary | BCB-licensed VASP | Analogue | Exchange, transfer, custody. |
| Rule 400 | None | No analogue | No deemed-cessation. |
Analysis
What the file is
Law 14.478 created a definition of virtual assets, a VASP category, and assigned licensing to the Central Bank, without taking securities tokens away from the CVM. The practical question in a Brazilian file is the same as in Singapore: is this a payment/virtual asset, or is this a security? If it is a security, you are in CVM land (prospectus, crowdfunding, or an exemption). If it is not, you are in BCB land as soon as you are intermediation, custody or exchange.
Research
The record
- BCB has used the new perimeter to authorise and condition VASPs, including Travel Rule and safeguarding expectations aligned with FATF.
- CVM guidance on tokenised securities and on crowdfunding remains the issuance path for anything that looks like an investment.
Ideation
What to file
- LatAm distribution of a Rule 300 CIC still needs a CVM analysis. Do not assume “virtual asset” under 14.478 swallows Howey.
- Useful comment only if you would actually use RCA for a Brazilian-facing raise — name the CVM door you are not using, and why.
Analysis
What the file is
Law 14.478 created a definition of virtual assets, a VASP category, and assigned licensing to the Central Bank, without taking securities tokens away from the CVM. The practical question in a Brazilian file is the same as in Singapore: is this a payment/virtual asset, or is this a security? If it is a security, you are in CVM land (prospectus, crowdfunding, or an exemption). If it is not, you are in BCB land as soon as you are intermediation, custody or exchange.
Primary sources on file
Lei nº 14.478, de 21 de dezembro de 2022 — marco legal dos ativos virtuais
Presidência da República (Brazil)/21 Dec 2022/RCA review 8 Sept 2026
Primary regulatory
RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.