backNewsletter (#006/2025) on Fintechs, Banks, Financial Services, and Virtual Assets by Campos Thomaz Advogados
Alerts, materials, and updates on Fintechs, Banks, Financial Services, and Virtual Assets.
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Topics for 2025 – Stay tuned for upcoming newsletters
- Open Finance
- Virtual Assets
- Bank as a Service
- Tokeniization
- Artifical intelligence
Alerts
Central Bank Wants to Hear Public Opinion on Card “Tokenization”
The Central Bank of Brazil (BC) has launched a public consultation to gather contributions that may support the enhancement of regulations concerning payment arrangements within the Brazilian Payment System (SPB). The initiative specifically focuses on the regulation of the request and storage of payment instrument data tokens, such as those used in digital wallets like Apple Pay, Samsung Pay, and Google Pay. These tokens act as secure representations of users’ credentials, enabling safe card-based payment transactions. Learn more.
Central Bank Launches New Services to Enhance Security and Simplify Citizens’ Financial Lives
At a press conference held on May 26, the Central Bank of Brazil announced a series of new financial citizenship services aimed at increasing security, improving access, and automating processes for the public. Key innovations include the automatic receipt of funds via the “Valores a Receber” (SVR) system using a Pix key, the option for citizens to inform the financial system that they do not wish to have new bank accounts opened in their name (starting in December), the use of artificial intelligence in the chatbot Din, the integration of services through the “Meu BC” platform, and the launch of a new, more user-friendly Citizen’s Calculator. These initiatives are part of a broader strategy based on the pillars of inclusion, protection, education, and citizen participation in the financial system. Learn more.
LiveBC: How Pix Automático Works and What It Changes in the Daily Lives of Businesses and Individuals
In the latest LiveBC, held on June 16, the Central Bank of Brazil officially launched Pix Automático, a new feature of the instant payment system designed to simplify the payment of recurring bills such as electricity, water, school fees, and subscription services. With this new tool, users only need to authorize the payment once, after which monthly debits are made automatically via Pix in a transparent and streamlined way. Users can set maximum amounts for each payment, cancel authorizations at any time, and monitor transactions directly through their bank’s app. According to the Central Bank, the feature offers greater convenience, security, and accessibility—especially for individuals who lack access to credit cards or face banking restrictions. Learn more.
Open Public Consultations – Contact Our Team
Central Bank
- 118/2025 and 121/2025| Public Consultation on Regulation of Payment Arrangements within the Brazilian Payment System. Access here
Consultation deadline: June 2, 2025
Discloses information to enable a social participation mechanism, in the form of a public consultation, aiming to gather contributions for the regulation of payment arrangements that are part of the Brazilian Payment System (SPB) and their participation modalities. - 120/2025 | Draft Resolutions of the CMN and Central Bank on the Process for Public Requests for Input. Access here
- Consultation deadline: June, 30, 2025
Discloses a public participation initiative, in the form of a Public Request for Input, aiming to gather contributions and information to revise the Combined Balance Sheet of the Cooperative System, as regulated by Resolution No. 4,151 of October 30, 2012.
Regulatory Update
BCB Normative Instructions
Consolidation of Procedures for the Registration of Customer Information
Normative Instruction BCB No. 623, May 21, 2025 – Amends Normative Instruction No. 330, of November 24, 2022, which consolidates procedures for the registration of customer information in the Central Bank’s Information System on Entities of Interest – Unicad, as established in BCB Resolution No. 209, of March 22, 2022.
Procedures for Authorization Requests
Normative Instruction BCB No. 624, May 22, 2025 – Establishes procedures for authorization requests regarding non-standard classification in the trading book at initial accounting recognition, reclassification of a specific transaction to the banking book or trading book, and establishment of a trading desk dedicated to internal risk transfers impacting capital requirements, as provided for in CMN Resolution No. 4,557 of February 23, 2017, BCB Resolution No. 265 of November 25, 2022, and BCB Resolution No. 111 of July 6, 2021.
Amendment to Version 7.1 of the “Minimum User Experience Requirements” Document
Normative Instruction BCB No. 625, May 29, 2025 – Amends version 7.1 of the “Minimum User Experience Requirements” document, originally published in BCB Normative Instruction No. 589 of February 4, 2025.
Consolidation of Procedures for Submitting Cooperative Relationship Information
Normative Instruction BCB No. 626, May 29, 2025 – Amends BCB Normative Instruction No. 297 of August 23, 2022, which consolidates procedures for submitting cooperative relationship information.
Information on Credit Operations Linked to Government Programs
Normative Instruction BCB No. 627, May 29, 2025 – Amends the layout, completion instructions, and supplementary instructions related to information on credit operations associated with government programs for document 3040 – Credit Risk Data, part of the Credit Information System (SCR), as regulated by Circular No. 3,870 of December 19, 2017, and Circular Letter No. 3,869 of March 19, 2018.
Defines Supplementary Rules for PGD
Normative Instruction BCB No. 628, June 3, 2025 – Defines supplementary rules for PGD, relating to civil servants in their probationary period.
Value Limits for Pix Transactions
Normative Instruction BCB No. 629, June 6, 2025 – Amends Normative Instruction No. 512 of August 30, 2024, which regulates value limits for Pix transactions, to include provisions related to value limits for contactless (proximity) transactions.
Pix Initiation Standards Manual
Normative Instruction BCB No. 630, June 5, 2025 – ublishes version 2.8.2 of the Pix Initiation Standards Manual, part of the Pix Regulation.
Pix Execution Process Flow Manual
Normative Instruction BCB No. 631, June 5, 2025 – Publishes version 2.1 of the Pix Execution Process Flow Manual, part of the Pix Regulation.
Brand Usage Manual
Normative Instruction BCB No. 632, June 5, 2025 – Publishes version 1.6 of the Brand Usage Manual, part of the Pix Regulation.
Pix Security Manual
Normative Instruction BCB No. 633, June 5, 2025 – Publishes version 3.7 of the Pix Security Manual, part of the Pix Regulation.
Operational Procedures for Pix Automático, Scheduled Pix, and Pix Billing
Normative Instruction BCB No. 634, June 5, 2025 – Amends Normative Instruction No. 513 of August 30, 2024, which establishes operational procedures for Pix Automático, Scheduled Pix, and Pix Billing, to enhance security requirements related to payee users under Pix Automático.
Pix Timing Manual
Normative Instruction BCB No. 635, June 9, 2025 – Publishes version 6.1 of the Pix Timing Manual, part of the Pix Regulation.
Amendment to the Layout of Information Required by Circular No. 3,290
Normative Instruction BCB No. 636, June 10, 2025 – Amends the layout of information required by Circular No. 3,290 of September 5, 2005.
Customer Experience Manual for Open Finance
Normative Instruction BCB No. 637, June 13, 2025 – Publishes version 8.0 of the Customer Experience Manual for Open Finance.
Details on the Composition of the Business Indicator
Normative Instruction BCB No. 638, June 13, 2025 – Amends BCB Normative Instruction No. 479 of June 12, 2024, which details the composition of the Business Indicator (BI).
BCB Resolutions
On the methodology for calculating the Regulatory Capital – PR for institutions classified as Type 3
Resolution BCB No. 474, May 22, 2025 – Amends BCB Resolution No. 199, of March 11, 2022, which establishes the methodology for calculating the Regulatory Capital – PR for institutions classified as Type 3.
Provides for the communication system of restrictions on contracting in the National Financial System
Resolution BCB No. 475, May 26, 2025 – Provides for the communication system of restrictions on contracting in the National Financial System.
Provides for the opening, maintenance, and closing of payment accounts
Resolution BCB No. 476, May 26, 2025 – Amends BCB Resolution No. 96, of May 19, 2021, which provides for the opening, maintenance, and closing of payment accounts.
Provides for the risk management framework
Resolution BCB No. 477, May 30, 2025 – Amends BCB Resolution No. 265, of November 25, 2022, which provides for the risk management framework, capital management framework, and information disclosure policy of institutions classified as Type 3 and falling under Segment 2 – S2, Segment 3 – S3, or Segment 4 – S4.
Provides for the scope and methodology for calculating the Leverage Ratio
Resolution BCB No. 478, May 30, 2025– rovides for the scope and methodology for calculating the Leverage Ratio – LR, introduces a minimum LR requirement for Type 3 institutions, and establishes conditions for the exclusion of exposures between members of the same cooperative system.
Establishes the GTI Diversity interdepartmental working group
BCB Resolution No. 479, June 4, 2025 – Establishes the GTI Diversity interdepartmental working group, with the purpose of conducting technical studies, preparing a proposal for an institutional policy, and structuring an action plan aimed at promoting diversity, equity, and inclusion within the scope of the Central Bank of Brazil.
Establishes procedures related to the execution of agreements, accords, and similar instruments
Resolution BCB No. 480, June 4, 2025 – Establishes procedures related to the execution of agreements, accords, and similar instruments between the Central Bank of Brazil and other institutions, the formal designation of their representatives in institutional relationships, and the recording of such information.
Establishment of the Central Bank of Brazil Control Post – PCBC
Resolution BCB No. 481, June 8, 2025 – Establishes the Control Post of the Central Bank of Brazil – PCBC, for the storage of classified confidential information and access to such information, and approves its regulations.
Establishes the Pix payment arrangement and approves its regulation
Resolution BCB No. 482, June 5, 2025 – Amends BCB Resolution No. 1, of August 12, 2020, which establishes the Pix payment arrangement and approves its regulation, to set new obligations for unauthorized participants, and amends the annexed regulation to BCB Resolution No. 1, of August 12, 2020, to improve security mechanisms related to Pix Automático and to introduce the proximity initiation method.
Provides for the prudential sub-conglomerate and the accounting concepts applicable to financial instruments
Resolution BCB No. 483, June 11, 2025 – Amends BCB Resolution No. 146, of September 28, 2021, BCB Resolution No. 168, of December 1, 2021, and BCB Resolution No. 352, of November 23, 2023, to address the prudential sub-conglomerate and the accounting concepts applicable to financial instruments.
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Produced by Alan Campos Thomaz and Stephanie Pintor do Vale Correia.
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