Brazil crypto licensing draws just 40 firms as deadline passes

Brazil's cryptocurrency industry has seen far fewer companies enter the country's new licensing process than initially expected, with roughly 40 institutions identified ahead of the October 30 deadline. Only around 40 institutions were identified in Brazil's crypto licensing process before the October 30 deadline, well below earlier industry expectations of 150 to 200 applicants. Smaller crypto platforms have struggled with Brazil's new capital, custody, auditing and compliance requirements, prompting some operators to withdraw from the market.