REGULATORY & COMPLIANCE

How Brazil’s new digital-asset regime actually works in practice.A source-led operating path for executives, operators, lawyers, compliance officers, treasury teams and founders. This trail separates what the rule says from what it means, how the money moves, and what an operator must build. It is not legal advice.START HEREStart Here → Regulatory & Compliance → The Map → 519 → 520 → Basic Compliance → 521 → 561 → Advanced Operator CasesTHE MAP A source-led operating path for executives, operators, lawyers, compliance officers, treasury teams and founders. This trail separates rule, interpretation, money movement and build implications. Not legal advice. START HERE: Start Here → Regulatory & Compliance → The Map → 519 → 520 → Basic Compliance → 521 → 561 → Advanced Operator Cases. THE MAP / O MAPA: Lei 14.478 → BCB perimeter → Resolution 519 authorization → Resolution 520 institution and operation → Resolution 521 FX and international capital → Resolution 561 eFX and international payments → governance → capital → AML/CFT → segregation → custody → reporting → banking → Pix → FX → cross-border. The point is to see where a product decision creates a regulatory consequence. 519 — AUTHORIZATION / AUTORIZAÇÃO: scope the activity; identify controllers and beneficial owners; evidence lawful funding and economic capacity; establish a viable business plan; demonstrate fit technology and governance; appoint qualified administrators; show capital and premises; prepare evidence that can survive supervisory questions. 520 — THE OPERATING SYSTEM / O SISTEMA OPERACIONAL: CLIENT → ONBOARDING → ACCOUNT/WALLET → ORDER/TRANSFER → CUSTODY → LIQUIDITY → SETTLEMENT → RECONCILIATION → REPORTING. Governance, AML/CFT, information security, risk, segregation, records, customer protection, incident response and audit evidence must work across the flow. BASIC COMPLIANCE / COMPLIANCE MÍNIMO: CUSTOMER ACCEPTANCE → KYC/KYB → SANCTIONS/PEP → SOURCE OF FUNDS → TRANSACTION MONITORING → CASE MANAGEMENT → RECORDKEEPING → REGULATORY REPORTING → GOVERNANCE EVIDENCE. For every control ask: requirement, interpretation, operator implication, evidence to keep. 521 — WHEN CRYPTO BECOMES FX / QUANDO CRIPTO VIRA CÂMBIO: BRL → client → SPSAV → USDT/USDC → foreign counterparty → CNY/USD/recipient. Resolution 521 places specified virtual-asset activity inside the FX perimeter. The analysis depends on flow, owner, residence, purpose, counterparty and settlement rail. 561 — eFX / INTERNATIONAL PAYMENTS: eFX, stablecoins e a nova infraestrutura de pagamentos internacionais do Brasil. Resolution 561 takes effect on 1 October 2026. It requires eligible institutions, customer and counterparty information, ten-year records and monthly reporting. Payments between an eFX provider and its foreign counterparty use FX or a non-resident real account; virtual assets are not permitted for that leg. REVIEW REQUIRED: product facts, dates, capital thresholds, reporting mechanics and classifications require primary-text and counsel review. VASP_SPSAV remains HOLD / NEEDS_EDITORIAL_SPLIT. HubSpot outbound and nurture remain disabled. This trail is editorial and informational, not legal, tax, accounting or regulatory advice. PRIMARY SOURCES: Lei 14.478 — https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm ; Decreto 11.563 — https://www.planalto.gov.br/ccivil_03/_ato2023-2026/2023/decreto/d11563.htm ; BCB 519 — https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução%20BCB&numero=519 ; BCB 520 — https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução%20BCB&numero=520 ; BCB 521 — https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução%20BCB&numero=521 ; BCB 561 — https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução%20BCB&numero=561 ; BCB eFX note — https://www.bcb.gov.br/detalhenoticia/21110/nota ; COAF/GAFI — https://www.gov.br/coaf/pt-br/assuntos/noticias/ultimas-noticias/gafi-alerta-paises-somente-medidas-conjuntas-globais-podem-conter-riscos-de-lavagem