Brazil capital rules could force out over 90% of local crypto firms

More than 90% of Brazil’s local crypto firms could be pushed out of the market under new capital rules from the country’s central bank, CoinPost reported. Brazil is estimated to have 200 to 300 virtual asset service providers, or VASPs, but only 20 to 25 are expected to meet the regulatory requirements and apply for licenses. Of those, only around 10 are expected to ultimately receive approval. Depending on the type of business, firms must secure as much as 37.2 million reais ($7.2 million) in equity capital, and the license application process will begin on Oct. 30.