Only About 40 Crypto Companies in Brazil Submitted VASP License Applications

The application period for Virtual Asset Service Provider (VASP) licenses set by the Central Bank of Brazil ended on October 30. It was expected that 150 to 200 companies would participate, but only about 40 submitted applications, including large institutions like Binance and Itaú. Companies that have applied can continue to operate during the Central Bank's review period, while those that did not apply must exit the market in an orderly manner within one month from the deadline. The Central Bank's response time for new applications can take up to two years.

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