Newsletter (#007/2025) on Fintechs, Banks, Financial Services, and Virtual Assets

Newsletter (#007/2025) 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
• Tokenization
• Artifical intelligence

Alerts

U.S. Congress Passes Landmark Stablecoin Legislation

In a major step for the crypto industry, the U.S. Congress has approved the first federal law regulating stablecoins—digital tokens pegged to assets like the U.S. dollar. Backed by bipartisan support and championed by Donald Trump, the legislation introduces state or federal oversight and requires issuers to hold equivalent reserves in short-term government debt or similar instruments. Learn more.

Campos Thomaz Contributes Brazil Chapter to ITechLaw’s New Edition of the Startup Legal Playbook

Campos Thomaz Advogados is proud to announce its participation in the third edition of the Startup Legal Playbook, a global initiative by the International Technology Law Association (ITechLaw). The publication brings together contributions from over 70 law firms worldwide, offering practical guidance on key legal issues faced by startups across different jurisdictions. Our firm had the honor of authoring the Brazil chapter, providing a clear and up-to-date overview of the legal and regulatory landscape for startups operating or expanding in the country. Learn more.

Fintechs Show Signs of Recovery with Increased Investments in the First Half of 2025

After a prolonged period of contraction, the fintech sector has begun to see growth in global investments: $22 billion was raised in the first half of 2025, according to data released by Crunchbase. Although this amount represents an 11% increase compared to the second half of 2024, it remains far below the historical peaks, such as the $68.7 billion invested in the same period of 2021. Meanwhile, the number of deals fell by 31.4% compared to the same period last year, reflecting a trend of fewer rounds but with larger check sizes. Notable rounds included Binance, Plaid, and Rapyd, each raising over $500 million. Learn more.

Regulatory Update

BCB Normative Instructions

Update of Criteria under IN No. 560 Regarding CMN Resolution 4,966 and BCB Resolution 352

BCB Normative Instruction No. 643, July 17, 2025 – Amends BCB Normative Instruction No. 560, dated December 6, 2024, which clarifies the criteria to be observed in the application of CMN Resolution No. 4,966, of November 25, 2021, and BCB Resolution No. 352, of November 23, 2023.

Amendment to Annex I of Document 6 of the Rural Credit Manual (MCR)

BCB Normative Instruction No. 642, July 10, 2025 – Amends Annex I (Instructions and Concepts) of Document 6 (Statement of Requirements and Rural Credit Applications) of the Rural Credit Manual (MCR).

Revision of IN No. 555 on Reserve Requirement Procedures

BCB Normative Instruction No. 641, July 9, 2025 – Amends BCB Normative Instruction No. 555, dated December 2, 2024, which discloses procedures related to BCB Resolution No. 189, of February 23, 2022, which defines and consolidates the rules on reserve requirements over demand deposits and incorporates rules on reserve requirements over time deposits and pledged guarantees.

BCB Resolutions

Internal Mobility of BCB Auditors from the 2024 Public Exam

BCB Resolution No. 488, July 16, 2025 – Establishes rules and criteria for the internal mobility of employees holding the position of Auditor of the Central Bank of Brazil, part of the Central Bank Specialist Career, who were selected through the 2024 public examination.

Deadline for Disclosure of Financial Statements as of June 2025

BCB Resolution No. 487, July 10, 2025 – Establishes the deadline for the disclosure of financial statements for the period ending on June 30, 2025, by financial institutions and other entities authorized to operate by the Central Bank of Brazil.

Change of Accounting Entry in Reserve Requirements on Demand Deposits

BCB Resolution No. 486, July 3, 2025 – Amends BCB Resolution No. 189, of February 23, 2022, which defines and consolidates the rules on reserve requirements on demand deposits and incorporates reserve requirement rules on deposits and pledged guarantees, in order to replace the accounting entry that composes the Reserve Requirement Base Value – VSR for demand deposits.

Update of Accounting Entries and Calculation Rules in Rural Credit (MCR 6-2 and 6-5)

BCB Resolution No. 485, July 3, 2025 – Updates the nomenclature of accounting entries related to the calculation of financial cost for non-compliance with rural credit requirements (MCR 6-5), and establishes the applicable calculation period for credit union central confederations, cooperative banks, central credit cooperatives, and individual credit cooperatives subject to mandatory resource requirements (MCR 6-2), for the compliance period beginning on the first business day of July 2025 and ending on the last business day of June 2026, as established by CMN Resolution No. 5,216, of May 22, 2025.

Adjustments to Risk and Capital Structures for Type 3 Institutions – S2, S3, and S4 Segments

BCB Resolution No. 484, June 26, 2025 – Amends BCB Resolution No. 265, of November 25, 2022, which addresses the risk management structure, capital management structure, and disclosure policy for institutions classified as Type 3 under Segment 2 – S2, Segment 3 – S3, or Segment 4 – S4.

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Produced by Alan Campos Thomaz and João Marcelo Oliveira

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