Newsletter (#001/2026) on Fintechs, Banks, Financial Services, and Virtual Assets.

Newsletter (#001/2025) on Fintechs, Banks, Financial Services, and Virtual Assets.

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Topics for 2026 – Stay tuned for upcoming newsletters

• Open Finance
• Virtual Assets
• Bank as a Service
• Tokenization
• Artifical intelligence

Senate Approves Bill Cutting Tax Benefits and Increasing Taxes on Bets, Fintechs and JCP

On December 17, 2025, the Brazilian Federal Senate approved a bill that cuts tax benefits by 10 % and increases taxation on betting operators (bets), fintechs and the distribution of Interest on Equity (JCP). The proposal, now headed to the President of the Republic for sanction, is deemed essential by the government to help balance public accounts in 2026 in light of the fiscal target set for the coming year. Learn more.

Foreign Exchange Brokerage Firms: Regulatory Update Issued by the Central Bank of Brazil

On December 18, 2025, the Central Bank of Brazil issued BCB Resolution No. 542, which establishes a consolidated regulatory framework governing the incorporation, organization, operation, and supervision of foreign exchange brokerage firms. The regulation fully replaces CMN Resolution No. 5,009/2022 and reflects an effort to modernize and streamline the rules applicable to these institutions in light of developments in the foreign exchange and financial services markets. Learn more.

Financing for Fintechs Grows 27 % in 2025

Global venture capital financing for fintechs increased by 27 % in 2025, reaching US$ 51.8 billion, according to a Crunchbase report with data through January 4, 2026. This figure represents the strongest performance for the sector in several quarters and is the first time annual funding has surpassed pre-pandemic levels. Learn more.

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Regulatory Update

BCB Normative Instructions

Update of the Rules and Layout of the Operational Risk Statement (DRO)

Normative Instruction BCB No. 700, 13/01/2026 – Amends BCB Normative Instruction No. 33, of October 29, 2020, which establishes the procedures for submitting the information referred to in Circular No. 3,979, of January 30, 2020, and amends the Completion Instructions and the layout of document code 5050 – Operational Risk Statement (DRO), as provided for in BCB Normative Instruction No. 33, of 2020.

Criteria for Assessment and Procedures for the Sanitation of Currency in Circulation

Normative Instruction BCB No. 699, 01/12/2026 – Establishes criteria for the assessment, classification, and visual reference standards of legitimate national currency for the sanitation of currency in circulation, and sets forth the procedures to be observed by institutions authorized by the Central Bank of Brazil that hold a Bank Reserves Account or a Settlement Account, for the execution of currency-in-circulation operations.

Update of Procedures for the Withdrawal from Circulation of Banknotes and Coins Suspected of Counterfeiting

Normative Instruction BCB No. 698, 01/06/2026 – Amends BCB Normative Instruction No. 108, of May 19, 2021, which establishes procedures for the withdrawal from circulation of national banknotes and metallic coins considered counterfeit or of doubtful authenticity.

Update of Registration Modalities in Cadip for Operations with Federal Government Guarantee

Normative Instruction BCB No. 697, 12/30/2025 – Amends BCB Normative Instruction No. 296, of August 22, 2022, which consolidates the instructions for the registration of transactions in the Public Sector Credit Operations Registration System (Cadip) and amends the Manual of the Public Sector Credit Operations Registration System (Cadip Manual).

Update of the Statement of Rural Credit Funding Requirements and Applications in the Rural Credit Manual (MCR)

Normative Instruction BCB No. 696, 12/30/2025 – Amends Document 6 (Statement of Rural Credit Funding Requirements and Applications) of the Rural Credit Manual (MCR).

Update of the Pix Communication Interfaces Manual (version 1.12)

Normative Instruction BCB No. 695, 12/23/2025 – Publishes version 1.12 of the Communication Interfaces Manual, which forms part of the Pix Regulation.

Update of the Completion Instructions and Layout of the Social, Environmental and Climate Risk Document (DRSAC)

Normative Instruction BCB No. 694, 12/23/2025 – Amends the completion instructions and the layout of document code 2030 – Social, Environmental and Climate Risk Document (DRSAC), as provided for in BCB Normative Instruction No. 222, of December 28, 2021.

Submission to the Central Bank of Information on Virtual Asset Services in the Foreign Exchange Market

Normative Instruction BCB No. 693, 12/19/2025 – Establishes the procedures for the submission to the Central Bank of Brazil of information related to the provision of virtual asset services in the foreign exchange market, as set forth in BCB Resolution No. 521, of November 10, 2025.

Procedures for the Submission of Information on Savings Allocation and Mortgage Lending

Normative Instruction BCB No. 692, 12/19/2025 – Establishes the procedures for the submission of information relating to the allocation of funds raised through savings deposits and to the origination of mortgage financing, as provided for in Resolution No. 4,676, of July 31, 2018.

Procedures for the Submission and Processing of Proposals and Documents through the Central Bank’s Collegiate Bodies Portal

Normative Instruction BCB No. 691, 12/18/2025 – Defines the system for submitting voting proposals, communications, and memoranda to the Secretariat of the Board of Directors and of the National Monetary Council (Sucon), for the organization of meetings of the Collegiate Board of Directors, the Administration Committee (Coad), and the Governance, Risk and Controls Committee (GRC).

Definition of Remuneration Percentages and Transaction Rules for Currency-in-Circulation Operations

Normative Instruction BCB No. 690, 12/17/2025 – Provides for the percentages applicable to the remuneration of the custodian institution, the situations in which remuneration will not be due, the exemptions, and the movements in the Bank Reserves Account or the Settlement Account.

BCB Resolutions

Amendments to the Regulation of the Central Bank Employees’ Health Care Assistance Program

Resolution BCB No. 545, 01/20/2026 – Publishes amendments to the Regulation of the Central Bank Employees’ Health Care Assistance Program (PASBC).

Extension of the Deadline for Compliance with Account Debit Authorization Procedures

Resolution BCB No. 544, 12/24/2025 – Amends BCB Resolution No. 51, of December 16, 2020, which establishes procedures for the authorization and cancellation of authorization of account debits.

Adjustments to the Regulations of the Central Bank’s Liquidity Financial Lines (LFL)

Resolution BCB No. 543, 12/18/2025 – Amends provisions of Annexes I, II, and III to BCB Resolution No. 374, of March 27, 2024, which governs the operation of the Central Bank of Brazil’s Liquidity Financial Lines (LFL).

Rules for Incorporation, Organization and Operation

Resolution BCB No. 542, 12/18/2025 – Establishes the conditions for the incorporation, organization, and operation of foreign exchange brokerage firms.

Definition of Dates for the Availability of the Non-Redirect Payment Initiation Service under Open Finance

Resolution BCB No. 541, 12/18/2025 – Amends BCB Resolution No. 406, of August 2, 2024, which provides for the sharing of the payment transaction initiation service without redirection to other environments or electronic systems, including those of other institutions, within the scope of Open Finance.

Adjustments to the Rules on the Book-Entry and Trading of Electronic Trade Receivables (Duplicatas Escriturais)

Resolution BCB No. 540, 12/18/2025 – Amends BCB Resolution No. 339, of August 24, 2023, which provides for the activity of book-entry of electronic trade receivables (duplicatas escriturais), the electronic book-entry system managed by an entity authorized to carry out such activity, and the registration, centralized depository, and trading of these book-entry credit instruments.

Enhancement of the Rules Applicable to Interbank Foreign Exchange Transactions

Resolution BCB No. 539,12/18/2025 – Amends BCB Resolution No. 277, of December 31, 2022, which regulates Law No. 14,286, of December 29, 2021, in order to enhance the provisions on interbank foreign exchange transactions.

Strengthening of Cybersecurity and Cloud Computing Requirements for Institutions Authorized by the Central Bank

Resolution BCB No. 538, 12/18/2025 – Amends BCB Resolution No. 85, of April 8, 2021, which provides for the cybersecurity policy and the requirements for contracting data processing, data storage, and cloud computing services to be observed by payment institutions, securities brokerage firms, securities distribution firms, and foreign exchange brokerage firms authorized to operate by the Central Bank of Brazil.

Creation of the Central Bank of Brazil’s Diversity, Equity and Inclusion Subcommittee (Codei)

Resolution BCB No. 537, 12/16/2025 – Establishes the Diversity, Equity and Inclusion Subcommittee (Codei) of the Central Bank of Brazil and approves its regulations.

Establishment of the Central Bank of Brazil’s Diversity, Equity and Inclusion Policy (PDIBC)

Resolution BCB No. 536, 12/16/2025 – Establishes the Central Bank of Brazil’s Diversity, Equity and Inclusion Policy (PDIBC).

Update of the Internal Bylaws of the Central Bank of Brazil

Resolution BCB No. 535, 12/16/2025 – Publishes amendments to the Internal Bylaws of the Central Bank of Brazil.

Publication of the Central Bank of Brazil’s Internal Audit Policy

Resolution BCB No. 534, 12/16/2025 – Publishes the Central Bank of Brazil’s Internal Audit Policy.

Enhancement of the Rules for Monitoring and Addressing Internal Audit Recommendations

Resolution BCB No. 533, 12/16/2025 – Amends BCB Resolution No. 302, of March 16, 2023.

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Produced by Alan Campos Thomaz and Michelle Chasilew Levy

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