Brazil's central bank has taken a significant step to refine its foreign exchange framework by imposing stricter regulations on the use of cryptocurrencies in cross-border transactions. The new guidelines, outlined in Resolution BCB No. 561, affect eFX providers who facilitate international payments. These providers are now mandated to conduct transactions strictly through conventional foreign exchange methods or through Brazilian real accounts held by foreign entities. This prohibition includes virtual assets such as stablecoins and Bitcoin for the offshore settlement portion of regulated payments.
What does this mean for remittance providers and crypto users in Brazil? It prohibits them from converting Brazilian reais into digital currencies like USDT or Bitcoin before settling payments abroad. This change is not a complete ban on cryptocurrencies in Brazil. Investors are still permitted to engage in buying, selling, and managing crypto assets, but these activities cannot be integrated into regulated eFX frameworks.
This regulation is part of Brazil's larger initiative to incorporate all crypto transactions under the supervision of the financial system. The central bank previously introduced new rules targeting virtual asset service providers, which include anti-money laundering and consumer protection measures, slated to come into effect starting in February. Brazil has also been closely monitoring stablecoins, as evidenced by the substantial crypto transaction volume of 227 billion reais reported in the first half of 2025, with stablecoin USDT dominating this space.
Under Resolution 561, eFX services can also involve financial market transactions for investments capped at $10,000 per transfer. Existing companies offering international payment solutions without central bank approval will need to secure authorization by May 31, 2027, while those with current eFX services must update necessary registrations by October 30, 2026. Additionally, new requirements impose stricter oversight, including separate accounts for client funds and detailed transaction record-keeping for up to ten years, which aims to enhance monitoring and counteract illicit activity.