CBSR · 证据资料库
巴西稳定币监管证据 | CBSR 历史快照
浏览 12 条巴西稳定币监管记录，核对发行路径、储备、收益边界、来源定位、效力与复核状态；数据为 CBSR 2026 年 8 月 20 日历史快照。
本法域应如何阅读
巴西记录采用虚拟资产服务与外汇框架，而非假定存在独立稳定币牌照。SPSAV 业务类别、资产筛选规则、跨境外汇归类与 eFX 结算渠道限制是分别记录的控制。快照也保留收益问题未定及市场份额引文未锁定的缺口。
覆盖与未完成复核
四个监管问题与对应证据
发行准入路径
br-vasp-issuer_pathway-001
记录讨论 BCB 对虚拟资产服务商的授权及中介、托管、经纪三种 SPSAV 业务类别，并列有过渡安排；相关日期均为历史快照内容。
快照记录原文 · 不是法条逐字引文
Providing virtual-asset services in Brazil requires prior BCB authorisation as an SPSAV. Under Res BCB 520 Art. 4 there are three modalities — Intermediário, Custodiante and Corretor (intermediary / custodian / broker, the broker combining both functions); a provider may not accumulate incompatible functions. Already-regulated institutions may also offer virtual-asset services on notification to the BCB: commercial / investment / multiple banks, Caixa Econômica Federal, and securities brokers (CTVM), distributors (DTVM) and FX dealers (corretoras de câmbio). Overseas providers must be authorised before operating, requiring a local subsidiary or partnership with a licensed local entity. Grandfathering: providers operating before 2 Feb 2026 may continue while authorisation is processed (apply within ~260–270 days), but transactions with non-authorised providers are prohibited from 30 Oct 2026, after which a non-compliant provider must cease within 30 days.储备与资产支持
br-vasp-reserve_backing-001
摘要以 Res BCB 520 第 2 条第 III 项及第 64 条以后为定位，记录法币参考资产定义、储备证明及算法控制限制。该条来源复核在快照日已逾期。
快照记录原文 · 不是法条逐字引文
For a fiat-referenced virtual asset (stablecoin), Res BCB 520/2025 defines the reserve assets as the fiduciary currency plus public debt issued by the same governments that issue those currencies (Art. 2, III), requires proof of reserves, and prohibits algorithmic reserve control with public disclosure of the criteria (Arts. 64+). In force 2 Feb 2026.允许活动与收益边界
br-vasp-permitted_activity_yield-001
原摘要继续把收益传递列为未定问题，即使其他实施规则已在快照中出现，也没有因此自动提升本条结论或复核状态。
快照记录原文 · 不是法条逐字引文
The VASP framework and the central bank's implementing rulemaking are still being finalized; whether and how issuers or intermediaries may pass through yield is not yet settled.货币主权与跨境准入
br-vasp-monetary_sovereignty-001
记录强调跨境虚拟资产支付的外汇归类、单笔限制和 eFX 对外结算环节限制，并明确市场份额数值尚待锁定单一日期来源；该比例不应作为已验证事实引用。
快照记录原文 · 不是法条逐字引文
Brazil does not impose a MiCA-style volume cap on the use of non-domestic-currency (e.g. USD) stablecoins as a means of exchange. Instead it asserts monetary-sovereignty control through three mechanisms: (i) reclassifying cross-border virtual-asset payments as foreign-exchange (câmbio) operations under Lei 14.286/2021 (Res BCB 521), bringing them into the FX / balance-of-payments perimeter; (ii) per-operation caps on those FX-classified operations (USD 100k SPSAV / USD 500k FX-FI where the counterparty is not FX-authorised); and (iii) closing the eFX retail rail's external settlement leg to virtual assets (Res BCB 561), so mass low-value flows cannot settle abroad in crypto. Context: estimates of the stablecoin share of Brazilian crypto activity vary by metric and period — BCB officials have cited roughly 90% of crypto flows, while some market trackers report nearer two-thirds (~67%) of crypto volume; either way stablecoins dominate, which motivated the FX framing. [share figure to be locked to a single dated source before citing as primary].完整记录清单
| 记录 / 维度 | 来源定位原文 | 效力状态 | 复核时效 | 来源检查日 |
|---|---|---|---|---|
| 反洗钱与客户识别 | Res BCB 520/2025 (PLD/FTP obligations on SPSAVs; ≥3 responsible administrators including AML/CFT; GAFI Recs 15-16 alignment); Lei 14.478/2022 | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 银行及非银行路由 | Res BCB 520/2025 Art. 20 (besides SPSAVs, only commercial/exchange/investment/multiple banks, Caixa, CTVM/DTVM and FX brokers may provide intermediation/custody, with restrictions); Art. 4 (SPSAV modalities) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 资本要求 | Resolução Conjunta CMN/BCB nº 14/2025 + Res BCB nº 517/2025 (both 3 Nov 2025): minimum capital R$10,800,000 to R$37,200,000 scaled by the set of activities performed | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 跨境数据 | Res BCB 521 — per-operation caps (USD 100k SPSAV / USD 500k FX-FI when counterparty not FX-authorised); amends the Res 277/278/279 FX trio, inserting Art. 76-A into Res 277/2022 as the câmbio-inclusion hook (legal base: Lei 14.286/2021) | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 托管 | Res BCB 520/2025 (patrimonial segregation: client funds in individualised payment/deposit accounts; client virtual assets in segregated wallets; foreign-custodian conditions — home-country authorisation/supervision, Brazil representative, enforceable guarantees, formal segregation of Brazilian clients' assets) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 披露与报告 | Res BCB 520/2025 (proof of reserves; periodic audits; transparent information flows); Res BCB 521/2025 (monthly FX-operations reporting from 4 May 2026) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 发行准入路径 | Lei 14.478/2022 (BCB authorisation required to provide virtual-asset services); Res BCB 519/2025 (authorisation process); Res BCB 520/2025 Art. 4 (three SPSAV modalities: intermediária, custodiante, corretora), Art. 14 (sociedade limitada/anônima; ≥3 administrators; head office in Brazil); authorisation deadline 30 Oct 2026 (270 days) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 货币主权与跨境准入 | Res BCB 521/2025 (amends Res 277/278/279 of 31 Dec 2022): virtual-asset services brought into the FX market — international payments/transfers, stablecoin trades, and payment of expenses abroad treated as câmbio operations; monthly reporting to the BCB from 4 May 2026 | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 允许活动与收益边界 | Res BCB 520/2025 (VASPs may not offer credit to clients or raise funds from the public except via share issuance; client virtual assets may not be used for proprietary operations except staking and qualified/professional-investor transactions) | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 监管机构 | Lei 14.478/2022 arts. 2-9; Decreto 11.563/2023 (BCB designated competent authority for virtual-asset services; CVM retains jurisdiction over tokens that are securities) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 储备与资产支持 | Res BCB 520/2025 Art. 2, III (reserve assets of a fiat-referenced token = the fiduciary currency and public debt issued by the same governments); Arts. 64+ (asset curation; algorithmic-stablecoin prohibition; proof of reserves) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 证券属性认定 | Lei 14.478/2022; Decreto 11.563/2023 (BCB over payment/VASP activity; CVM jurisdiction preserved over tokens with securities characteristics) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |