Central Bank of Brazil inspection director Ailton Aquino said at least 30% of the 120 crypto license applicants lacked the capital required under new rules, putting their ability to keep operating at risk. He said many applicants also failed to provide required audited financial statements. The bank has not announced that these applications have been rejected.
Banks have been barred since Nov. 6 from serving firms that did not apply, and non-applicants have until Nov. 30 to wind down. Some observers suggested firms may have filed weak applications to avoid the banking ban, but that motive is unconfirmed. New applicants cannot operate while the central bank reviews their requests, a process it says may take up to two years.
