Only about 40 cryptocurrency companies in Brazil submitted applications before the deadline for license applications

According to local reports cited by Livecoins, the application period for licenses for virtual asset service providers (VASP) set by the Central Bank of Brazil ended on October 30. It is expected that 150 to 200 companies would participate, but only about 40 actually submitted applications, including large institutions such as Binance and Itaú.

Companies that have applied can continue to operate during the Central Bank's review period. Companies that did not apply must exit the market in an orderly manner within one month from the deadline. The response time for new applications from the Central Bank can take up to two years.