BCB 521 and Stablecoins: What Changes for Currency Exchange in Brazil
Resolution BCB 521 equated stablecoins with foreign exchange operations. Understand the regulatory obligations and how to safely structure your operation.
Executive Summary
BCB 521 classified foreign currency stablecoins as FX operations when used for international payments and remittances — with a 3.5% IOF and capital requirements. Furthermore, BCB 561 (April 2026) prohibits eFX companies from using stablecoins as remittance settlement rails starting October 2026, restricting this market to full authorized institutions.
Overview
Since February 2026, international payments via stablecoins (USDT/USDC) are officially classified as FX operations. Authorized exchange houses have a unique advantage: they already hold the license required by the new regulatory landscape.
Ricardo Zago
Ricardo Zago is the founder of Avalon Blockchain Consulting. He is a Professor of Web3 and Blockchain at FIAP and a startup mentor at ACE Ventures and Rock New Ventures. He brings over 25 years of technology experience with Whirlpool, Accenture, and BASF, and 8 years dedicated to blockchain.