Banking, Financial Services, Fintechs, and Digital Assets Newsletter – December 2025

In this edition of our monthly newsletter, we have compiled the main news and regulatory developments regarding the banking industry, financial services, fintechs, and digital assets.  This publication was designed as a reliable source of information for our clients, partners and professionals who work or want to know more about the current landscape in regard to these topics.

Enjoy reading!

Regulations

Central Bank of Brazil

BCB Resolution No. 526, of December 03, 2025

BCB Resolution No. 526, of December 03, 2025, amends Circular No. 4,015, dated May 04, 2020, which provides for the scope of Open Finance data and services. Additionally, BCB Resolution No. 526 amends BCB Resolution No. 32, dated October 29, 2020, which establishes the technical requirements and operational procedures for implementing Open Finance in Brazil.

The new rule defines the scope of credit portability services shared by Open Finance to include credit operations for individuals, contracts for individual entrepreneurs, and operations for legal entities that can be contracted by natural persons.

In addition, the regulation establishes that the Open Finance Monitoring Manual must address the stages, deadlines, and service-level agreements for credit portability.

Finally, the publication updates the list of ecosystem participants, incorporating the original creditor institution and the proposing institution, in line with Joint Resolution No. 1, of May 04, 2020.

BCB Resolution No. 526 came into force on the date of its publication.

Read the full text of BCB Resolution No. 526.

BCB Resolution No. 538, of December 18, 2025

BCB Resolution No. 538, of December 18, 2025, amends BCB Resolution No. 85, of April 08, 2021, which provides for the cybersecurity policy and the requirements for contracting data processing and storage, including cloud computing services, to be observed by payment institutions, securities brokerage firms, securities distribution firms and foreign exchange brokerage firms authorized to operate by the Central Bank of Brazil (“BC”).

The main changes include expanding and detailing cybersecurity controls and requirements for the National Financial System (“SFN”), institutionalizing intrusion testing, and increasing the responsibility of regulated institutions.

BCB Resolution No. 538 came into force on the date of its publication.

Read the full text of Resolution No. 538.

BCB Resolution No. 539, of December 18, 2025

BCB Resolution No. 539, of December 18, 2025, amends BCB Resolution No. 277, of December 31, 2022, which regulates Law No. 14,286, of December 29, 2021, to improve the provisions on interbank foreign exchange transactions.

BCB Resolution 539 will come into force on June 01, 2027.

Read BCB Resolution No. 539 in full.

BCB Resolution No. 541, of December 18, 2025

BCB Resolution No. 541, dated December 18, 2025, amends BCB Resolution No. 406, dated August 02, 2024, which provides for the sharing of payment transaction initiation services without redirection to other electronic environments or systems, including those of other institutions, within the scope of Open Finance.

The key change concerns the deadline for the mandatory implementation of the payment initiation service without redirection for Pix participating institutions.

Previously, this was a single requirement that would take effect on January 02, 2026, for all compulsory institutions. With the new wording, this implementation will occur in two stages: the first, on February 06, 2026, will be limited to tests in a production environment, and the second, on April 22, 2026, when the service will be available to the general public.

BCB Resolution No. 541 came into force on the date of its publication.

Read BCB Resolution No. 541 in full.

BCB Resolution No. 542, dated December 18, 2025

BCB Resolution No. 542, of December 18, 2025, establishes conditions for the incorporation, organization, and operation of foreign exchange brokerage firms. The resolution establishes the general rules to be observed regarding the organization, discipline, supervision, and activities of foreign exchange brokers.

Below, we list the main points of the resolution:

1. Corporate purpose and authorized activities

• The main activity must be the intermediation and execution of foreign exchange transactions, in compliance with current legislation.
• Possibility of acting as electronic currency issuers or virtual asset intermediaries.
  • The activities must comply with specific legislation and cannot be the broker’s core focus.

2. Constitution, authorization, and name

• They must be incorporated as a joint stock company or a limited liability company.
  • It cannot be constituted as a company made up of a natural person as the sole shareholder.
• Operation depends on prior authorization by the BC, in compliance with specific regulations.
• The corporate name must include the term “Sociedade Corretora de Câmbio” (Foreign Exchange Brokerage Firm), and the use of terminology of other regulated institutions – whether in the native language or in a foreign language – is prohibited.

3. Prohibitions

• The resolution establishes prohibitions on foreign exchange brokers, such as:

• • Granting financing, loans, or advances;
  • Acquiring assets not intended for own use, except for those received to settle debts that are difficult or doubtful to resolve; and
  • Obtaining loans or financing from financial institutions, except when related to the acquisition of goods for their own use.

4. Assistance to contracting parties

• The resolution establishes the duty to provide assistance, guidance, and technical support to contracting parties until the transactions are settled.

BCB Resolution No. 542 came into force on January 02, 2026.

Read BCB Resolution No. 542 in full.

BCB Resolution No. 543, of December 18, 2025

BCB Resolution No. 543, of December 18, 2025, amends the provisions of Annexes I, II, and III to BCB Resolution No. 374, of March 27, 2024. The resolution governs the operation of the BC’s Financial Liquidity Lines (“LFL”).

Among the main changes is the requirement that, to be eligible for LFL, financial institutions must either maintain their own custody account or adopt a mechanism that ensures the identification of asset ownership in an authorized central depository.

BCB Resolution No. 543 will come into force on February 02, 2026.

Read BCB Resolution No. 543 in full.

National Monetary Council

CMN Resolution No. 5,273, of December 18, 2025

The National Monetary Council (“CMN”) published CMN Resolution No. 5,273, of December 18, 2025, which amends CMN Resolution No. 5,051, of November 25, 2022, providing for the organization and operation of credit cooperatives.

Among other provisions, the regulation broadens the range of operations permitted for credit cooperatives, authorizing them to provide payment services as issuers of electronic currency in municipalities where they maintain a branch.

CMN Resolution No. 5,273 came into force on the date of its publication.

Read CMN Resolution No. 5,273 in full.

CMN Resolution No. 5,274, of December 18, 2025

CMN Resolution No. 5,274, of December 18, 2025, amends CMN Resolution No. 4,893, of February 26, 2021. The resolution establishes the cybersecurity policy and the requirements for contracting processing, data storage, and cloud computing services to be observed by institutions authorized to operate by the BC.

Resolution No. 5,274 details the minimum procedures and controls that are now mandatory in institutions’ cybersecurity policies, such as the following:

• Safe configuration profiles for technology assets;
• Network protection mechanisms;
• Digital certificate management;
• Security requirements for integration via electronic interfaces; and
• Smart measures in the cyber environment (monitoring information on the Internet, deep web, dark web, and private groups).

The resolution also strengthens the SFN Network, Pix, and the Reserve Transfer System.

CMN Resolution No. 5,274 came into force on the date of its publication.

Read CMN Resolution No. 5,274 in full.

News

1st National Vehicle Tokenization Forum: Event featured a lecture by Fabio Braga

On December 02, 2025, Fabio Braga, partner in Demarest’s Banking and Finance practice area, participated in a meeting that brought together major players to discuss a topic that promises to transform the sector in the coming years – the integration of the automotive industry via tokenization.

Renowned companies attended the event, such as Volkswagen, Renault, Banco BV, and the State Traffic Department of Paraná (DETRAN), whose participation underscored the agenda’s importance for the future of the market. It also sought to create room for dialogue and learning between automakers, suppliers, financial institutions, regulatory bodies, and technology companies.

According to Braga, this trend is gaining momentum and is expected to have a significant impact on the entire automotive and financial sector, creating opportunities and challenges for companies and consumers.

The convergence of the mobility landscape and tokenization creates possibilities for innovative business models, enhanced accessibility, and more comprehensive customer experiences.

At risk of liquidation, funds managed by Master seek new administrator

The liquidation of Banco Master could impact 92 investment funds (total net worth of BRL 14.4 billion) administered by Master Corretora, part of Daniel Vorcaro’s bank. Although they are separate from the institution’s bankruptcy estate, the funds may be liquidated and their net assets distributed among shareholders in proportion to each one’s stake, if a new administrator cannot be appointed or if the fund lacks sufficient resources to meet its obligations.

According to Mariane Kondo, partner in Demarest’s Investment Funds and Asset Management practice, and Fabio Braga, partner in the firm’s Banking and Finance practice: “It is important to emphasize that each fund’s assets are segregated and must not be confused with the bank’s assets.”

According to the CVM, the fund administrator has the obligation to contract – on behalf of the fund, with third parties – for treasury, asset control, processing, bookkeeping, and independent auditing services. If the administrator is an institution authorized by the BC, as was Master, then treasury, control, and processing services can be carried out directly by the fund manager.

Read the full article on the Folha de São Paulo website.

BC releases information on virtual asset services in the foreign exchange market

On December 19, 2025, the BC published Normative Instruction No. 693, which establishes the procedures for submitting information to the BC on the provision of virtual asset services in the foreign exchange market, as referred to in BCB Resolution No. 521, dated November 10, 2025.

The regulation defines the procedures for reporting operations, such as:

• international payments or transfers via virtual assets;
• loading or unloading virtual assets onto cards or electronic media for international use;
• virtual asset transfers to or from self-custodied wallets that do not involve international payments or transfers involving virtual assets; and
• total monthly transactions referenced in fiat currency.

The reporting obligation applies to banks, Caixa Econômica Federal, securities brokers and distributors, foreign exchange brokers, and virtual asset service providers (SPSAVs) operating in the foreign exchange market. These entities must register with the Central Bank’s Information System (“SISBACEN”) and request access to the PSTA300 and SCAM0019 services.

Submission must be made under document code C212 – Provision of Virtual Asset Services in the Foreign Exchange Market (ACAM212 file) – by the fifth calendar day of the month subsequent to the transactions. May 2026 has been designated as the first base date.

In addition, the institution authorized to operate in the foreign exchange market that provides virtual asset services must appoint an employee capable of replying to any questions regarding the information reported.

Access our client alert on the topic.

Demarest partners join panel on crypto assets regulation

On December 18, 2025, Marcus Fonseca and Fausto Teixeira, partners in Demarest’s Banking and Finance practice area, attended the event “Brazil’s Crypto Regulations: What Businesses Must Do Now”, which focused on the regulation of crypto assets in the Brazilian market.

Brazil is rapidly advancing in the regulation of crypto assets, and companies operating in or entering the market must adapt accordingly. The panel brought together legal experts and compliance professionals to analyze the implications of the evolving regulatory framework in Brazil.

The new regulations for crypto assets in the country bring significant changes. Proper licensing, risk management, and technical reports are now central requirements, directly impacting crypto asset operations. Adapting quickly is essential to ensure compliance and avoid sanctions.

With this, regulators are signaling new measures that can either open space for innovation or impose additional barriers. Therefore, analyzing this position is crucial to planning strategies and capitalizing on opportunities without compromising legal certainty.

Access the event announcement link.

Registration of five-year periodic statement with the BC – Base Date: December 31, 2025

National companies receiving foreign direct investment in their share capital, in any amount, and which have recorded total assets equal to or greater than BRL 100,000 must, by March 31, 2026, submit to the BC the Five-Year Periodic Statement (“DPQ”) referring to the base date of December 31, 2025.

The DPQ replaces both the Annual Declaration and the Foreign Capital Census. Submitting the DPQ is among the obligations applicable to companies receiving foreign direct investment, and failure to comply or delays may result in penalties imposed by the BC.

Access our client alert on the topic.