Coinbase Files for Brazilian VASP License Ahead of October 30 Deadline to Stay in Local Market

Coinbase has submitted a virtual asset service provider (VASP) license application to the Central Bank of Brazil, completing the filing ahead of the local-time October 30 deadline for incumbent institutions to declare. The company announced the move on Thursday, according to Brazilian media reports. Under the framework established by the Central Bank of Brazil in November 2025, companies already providing crypto services locally must apply for authorization by October 30; those that file on time may continue operating until the review concludes, but may not apply for other categories of crypto licenses while their application is pending; those that fail to file by the deadline must cease the relevant business within 30 days. The review proceeds in two stages, one of which checks whether the institution was already operating locally when the rules took effect in February 2026.

A Coinbase spokesperson told media that the company does not believe the application review will lead to a suspension of existing services. Before Coinbase, Binance filed its application on October 23 and scaled back new lending and leveraged trading offerings for Brazilian users; banks that already hold central bank licenses follow a separate notification process, and Itaú Unibanco completed its notification on October 27.

Another timeline follows close behind. Under a September amendment, starting November 6, banks, payment institutions and other institutions authorized by the central bank may not conduct or assist with crypto business involving service providers that lack Brazilian operating authorization. The previous version included an exemption for service providers whose authorization was still under review; the amended text removed it.

Brazil's VASP rules allow crypto intermediaries to simultaneously issue electronic money and offer crypto services in the foreign exchange market, but they must separately meet the regulatory requirements of each activity, including the central bank's authorization rules. In a statement released in Brazil, Coinbase said its goal is to bring the "Everything Exchange" concept to the local market.

Source: https://unchainedcrypto.com/coinbase-files-to-keep-operating-under-brazils-new-crypto-rules/