Banks, Financial Services, Fintechs and Digital Assets Newsletter – May and June 2025

In this edition of our monthly newsletter, we have compiled the main news and regulatory develop-ments regarding the banking industry, financial services, fintechs and digital assets. This publica-tion was designed as a reliable source of infor-mation 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 Normative Instruction No. 616, of November 07, 2025

BCB Normative Instruction (“IN”) No. 616, of May 06, 2025, establishes the guidelines and conditions for production tests by participating institutions involving the Automatic Pix, within the scope of the Open Finance.

The regulation states that, at least, customer experience journeys must be tested involving:

1. payment transaction initiating institutions engaging in production tests; and
2. key institutions holding accounts, considering those intended for natural persons and legal entities, conglomerate members, and cooperative systems responsible for 95% of the total amount of payment transactions successfully carried out within the scope of the Open Finance in 2025.

BCB IN No. 616 entered into force on the date of its publication.

Read BCB IN No. 616 in full.

BCB IN No. 621, of May 13, 2025

BCB IN No. 621, of May 13, 2025, establishes the procedures for the monthly submission of data to the Central Bank of Brazil (“BC”) regarding interest and accumulated charges in transactions involving rotating credit card and credit card invoice installments, as well as other post-paid instruments, addressed in BCB Resolution No. 468, of April 30, 2025.

The layout, instructions, and other information required to draft the document addressed in the main section are available on the BC’s webpage, at the following electronic address: https://www.bcb.gov.br/estabilidadefinanceira/leiautedocumentoscrd.

BCB IN No. 621 entered into force on July 01, 2025.

Read BCB IN No. 621 in full.

BCB IN No. 623, of May 21, 2025

BCB IN No. 623, of May 21, 2025, amends BCB IN No. 330, of November 24, 2022, which consolidates the procedures for registering data in the BC’s Information System on Entities of Interest (“UNICAD”), as addressed in BCB Resolution No. 209, of March 22, 2022.

BCB IN No. 623 entered into force on the date of its publication.

Read BCB IN No. 623 in full.

BCB IN No. 624, of May 22, 2025

BCB IN No. 624, of May 22, 2025, provides for the procedures for requesting authorization for other categories in the trading portfolio, upon the initial accounting recognition, for reclassifying a specific transaction involving the banking or trading portfolio and for establishing a trading desk dedicated to registering internal risk transfers with effect on the capital requirement. The provisions are in line with the Brazilian National Monetary Council’s (“CMN”) Resolution No. 4,557, of February 23, 2017, with BCB Resolution No. 265, of November 25, 2022, and with BCB Resolution No. 111, of July 06, 2021.

BCB IN No. 624 entered into force on the date of its publication.

Read BCB IN No. 624 in full.

BCB IN No. 629, of June 05, 2025

BCB IN No. 629, of June 05, 2025, amends IN No. 512, of August 30, 2024, which provides for the amount limits for Pix transactions. This resolution includes provisions regarding the limit to be observed for contactless payment transactions.

BCB IN No. 629 entered into force on December 01, 2025.

Read BCB IN No. 629 in full.

BCB IN No. 634, of June 05, 2025

BCB IN No. 634, of June 05, 2025, amends IN No. 513, of August 30, 2024, which provides for the amount limits for Pix transactions, introducing provisions involving the limit that should be observed for contactless payment transactions.

BCB IN No. 634 comes into force on (i) July 16, 2025, for the amendments provided for in Article 5, § 8, item II; and (ii) June 16, 2025, for the other amendments.

Read BCB IN No. 634 in full.

BCB Resolution No. 473, of May 20, 2025

BCB Resolution No. 473, of May 20, 2025, amends BCB Resolution No. 76, of February 23, 2021, and BCB Resolution No. 350, of November 08, 2023, providing for operational changes in the execution BC’s operational instruments within the scope of the Brazilian exchange market.

BCB Resolution No. 473 entered into force on May 30, 2025.

Read BCB Resolution No. 473 in full.

BCB Resolution No. 474, of May 22, 2025

BCB Resolution No. 474, of May 22, 2025, amends BCB Resolution No. 199, of March 11, 2022, which defines the methodology for calculating the Reference Capital (“PR”) for institutions classified as Type 3.

BCB Resolution No. 474 entered into force on the date of its publication.

Read BCB Resolution No. 474 in full.

BCB Resolution No. 475, of May 26, 2025

BCB Resolution No. 475, of May 26, 2025, provides for the communication system for restrictions on contracting in the Brazilian National Financial System (“SFN”). The BC establishes an electronic system with the purpose of:

(i) enabling natural and legal persons to register requests, in an optional way, so that the contracting of products and services and the change of holders or representatives, involving applicants, in financial institutions and other institutions authorized to operate by the BC; (ii) enabling financial and other institutions authorized to operate by the BC to verify data and information relating to such registration; (iii) providing for the procedures and control of the institutions as to the monitoring of products and services; and (iv) submitting information to the BC for monitoring and inspection purposes.

The BC will discipline the operational procedures required to comply with the provisions of this resolution.

BCB Resolution No. 475 entered into force on the date of its publication.

Read BCB Resolution No. 475 in full.

BCB Resolution No. 476, of May 26, 2025

BCB Resolution No. 476, of May 26, 2025, amends BCB Resolution No. 96, of May 19, 2021, which provides for the opening, maintenance, and closure of payment accounts.

BCB Resolution No. 476 will enter into force on December 01, 2025.

Read BCB Resolution No. 476 in full.

BCB Resolution No. 482, of June 05, 2025

BCB Resolution No. 482, of March 06, 2025, amends the regulation attached to BCB Resolution No. 1, of August 12, 2020, which establishes the Pix payment arrangement and approves its regulation, to impose new obligations on participants not authorized to operate. In addition, BCB Resolution No. 482 amends the regulation attached to BCB Resolution No. 1 of August 12, 2020, to enhance security mechanisms related to the Automatic Pix and to introduce the contactless payment initiation method.

BCB Resolution No. 482 entered into force on the date of its publication, taking effect: (i) from June 16, 2025, regarding Article 2, which amends Article 11-T of the regulation attached to Resolution BCB No. 1, of August 12, 2020; (ii) from January 01, 2026, regarding Article 1; and (iii) immediately, regarding the other provisions.

Read BCB Resolution No. 482 in full.

Brazilian National Monetary Council

CMN Resolution No. 5,212, of May 22, 2025

CMN Resolution No. 5,212, of May 22, 2025, amends CMN Resolution No. 5,118, of February 01, 2024, which provides for the backing of the issuance of Agribusiness Receivables Certificates (“CRAs”), Real Estate Receivables Certificates (“CRIs”), and Credit Receivables Agribusiness Certificates (“CDCAs”).

The new regulation states that CRAs, CRIs, and CDCAs will not cover debt securities whose debtor, co-debtor, or guarantor is a legal entity operating primarily in the real estate sector – for CRIs – or in agribusiness – for CRAs and CDCAs.

However, the provision does not apply to CRAs, CRIs, and CDCAs that, on a date prior to the enforcement of CMN Resolution No. 5,212, have already been: (i) duly distributed; or (ii) subject to a distribution registration request with the Brazilian Securities and Exchange Commission (“CVM”), in public distribution offerings.

CMN Resolution No. 5,212 entered into force on the date of its publication.

Read CMN Resolution No. 5,212 in full.

CMN Resolution No. 5,218, of May 26, 2025

BCB Resolution No. 5,218, of May 26, 2025, amends BCB Resolution No. 4,753/2021, of September 26, 2019, which provides for the opening, maintenance, and closure of payment accounts.

CMN Resolution No. 5,218 will enter into force on December 01, 2025.

Read CMN Resolution No. 5,218 in full.

NEWS

Extrajudicial search and seizure of fiduciary movable assets now regulated

On June 04, 2025, the Brazilian National Council of Justice (“CNJ”) published Provision No. 196, which amends the CNJ’s National Code of Standards of the National Justice Oversight Office – Extrajudicial Forum (“CNN/CN/CNJ-Extra”), as established by Provision No. 149, of August 30, 2023. Provision No. 196 establishes the regulations on the extrajudicial process of search, seizure, and consolidation of fiduciary ownership of movable assets before the registry office of deeds and documents.

According to the new regulations, extrajudicial procedures for consolidating fiduciary assets and for the search and seizure of movable assets will be carried out by the corresponding registry office of deeds and documents. In this new landscape, it is worth noting that the responsibilities of notary offices now have an enforceable character, extending beyond the traditional registry functions that have historically defined the services provided by these offices.

Read Provision No. 196 in full.

Read our client alert on this topic.

CNJ regulates extrajudicial notarial escrow account

On June 13, 2025, the CNJ published Provision No. 197, which regulates the first paragraph of Article 7 of Law No. 8,935, of November 18, 1994, to establish regulations on the notarial escrow account service. Also, Provision No. 197 establishes procedures for the deposit, administration, and conditional transfer of funds by notaries public, among other provisions.

The extrajudicial notarial escrow account allows the notary public to receive and manage funds deposited in individual accounts exclusively linked to legal transactions. Transferring funds is conditioned on complying with acts previously agreed between the parties, which should be objectively verifiable, under penalty of refusal by the notary to provide the service. In addition, the service must observe the principles of legality, transparency, legal certainty, impartiality, and objective good faith.

In compliance with Provision No. 197, the notarial escrow account service can be used to:

1. 1. deposit of prices or amounts involving legal transactions, whether or not formalized by public deed;
   2. management of amounts linked to objectively verifiable contractual conditions or elements; and
   3. other events involving private legal transactions, provided that they do not involve jurisdictional activity.

Read Provision No. 197 in full.

Read our client alert on this topic.

BC opens public consultation to regulate accounting criteria for virtual assets and utility tokens

On June 24, 2025, the BC launched Public Consultation Notice (“ECP”) No. 122/2025, which submits draft resolutions of the CMN and the BC to public consultation. The draft resolutions establish the criteria to be observed by financial and other institutions authorized to operate by the BC as regards the accounting procedures for recognition, measurement, derecognition, and disclosure of virtual assets and utility tokens.

According to the BC, the proposed regulatory acts aim to increase the transparency, understanding, and comparability of accounting information regarding virtual assets held by institutions, in line with domestic and international practices on the subject. Given the increase in operations involving virtual assets by regulated institutions – encompassing both proprietary sales and custody portfolios for clients – it has become necessary to standardize the accounting treatment of such assets and to enhance their presentation within the institutions’ accounting documents.

The proposals also establish the information to be disclosed in the form of explanatory notes, in order to enable users of the financial statements to clearly and objectively identify information that allows for an appropriate assessment of the institution’s accounting policies and their impact on its economic and financial position.

Suggestions and comments can be submitted to the BC through the Participa Mais Brasil portal by August 24, 2025, or via the e-mail address denor@bcb.gov.br.

Read ECP No. 124 in full.

BC submits proposal to review combined balance sheets of cooperative credit systems for social participation

On May 20, 2025, the BC published Public Consultation Notice (“EPS”) No. 120/2025 with the aim of obtaining contributions and information to review the Combined Balance Sheet of the Cooperative System, provided for in Resolution No. 4,151, of October 30, 2012.

Interested parties offered contributions until June 30, 2025, through the form available on the BC website and on Participa Mais Brasil portal. Suggestions were also received at the email address denor@bcb.gov.br.

Read the BC article in full.

Read EPS No. 120 in full.

BC approves LCI issuance by financial institutions

On May 08, 2025, the BC published Resolution BCB No. 471, which amends Circular No. 3,614, of November 14, 2012, providing for the conditions for issuing Real Estate Credit Bills (“LCIs”).

As a result, from July 01, 2025 (effective date of Resolution No. 471), the institutions now authorized to issue LCIs are commercial banks, multiple banks with real estate credit portfolios, Caixa Econômica Federal, real estate credit companies, savings and loan associations, mortgage companies, investment banks, credit cooperatives, as well as credit, financing, and investment companies.

Read the BC article in full.

Read BCB Resolution No. 471 in full.

BC regulates fee limits for interoperability between card receivables registrars

On May 08, 2025, the BC published Resolution BCB No. 472, which regulates the standardization of interoperability events that can be collected between entities registering receivables of payment arrangements. The resolution also establishes the maximum fee limits and related collection methods.

The BC considers the following as interoperability events subject to the charging of fees (including the respective charging methods):

1. 1. agenda consultation (batch and online flow), with a fee charged for each agenda made available;
   2. contract effect, with a fee charged per UR, for every month in which the UR is active for at least one day; and
   3. contract update, with a fee charged for each updated UR.

The maximum limits for the amounts of interoperability fees to be charged for standardized interoperability events – which must be observed by receivables registrars of payment arrangements, starting from July 01, 2025 – are indicated in the table below:

Read the BC article in full.

Read BCB Resolution No. 472 in full.

CMN approves new regulations to control the allocation of LCAs in the cooperative system

On May 09, 2025, the BC published CMN Resolution No. 5,210, which establishes the regulations for funds raised through the issuance of Agribusiness Credit Bills (“LCAs”) by credit cooperative members of cooperative systems. The resolution also regulates the fulfillment of the credit allocation requirement for rural credit arising from this funding, as addressed in Section 7 (Agribusiness Credit Bill – LCA) of Chapter 6 (Resources) of the Rural Credit Manual (“MCR”).

According to the BC, with the issuance of the new regulation, there will be a significant reduction in the number of institutions subject to this allocation requirement (from 127 to 28), as well as in the total volume of funds allocated to rural credit. Thus, the agency will standardize the treatment given to LCAs and promote greater regulatory isonomy among the different instruments.

Read the BC article in full.

Read CMN Resolution No. 5,210 in full.

CMN adjusts minimum maturity terms of LCIs and LCAs

On May 22, 2025, the BC published CMN Resolution No. 5,215, which amends Resolution No. 4,410, of May 28, 2015, addressing LCIs, and CMN Resolution No. 5,006, of March 24, 2022, addressing LCAs.

The new regulation reduces the minimum maturity term for LCAs and LCIs from nine to six months, when issued without a provision for adjustment by a price index. In addition, restrictions were established regarding the backing of these titles: (i) LCIs cannot be backed by real estate credits that have been written off as losses; and (ii) LCAs cannot be linked to credit rights that have been written off as losses. In addition, other adjustments were made to the regulations governing these titles, in line with CMN Resolution No. 4,410, of May 28, 2015, and CMN Resolution No. 5,006, of March 24, 2022.

Read the BC article in full.

Read CMN Resolution No. 5,215 in full.

Administrative and Legal Decisions

Superior Court of Justice

Extrajudicial notification by email deemed valid to prove delay of fiduciary debtor

The 2nd Section of the Superior Court of Justice (“STJ”), in a decision that unified the Court’s case law, held that extrajudicial notifications delivered by digital means are valid to establish the fiduciary debtor’s default—provided they are sent to the electronic address specified in the contract and receipt is confirmed.

In this case, the Court of Justice of the Federal District and Territories (“TJDFT”) had granted a preliminary injunction for the repossession of the asset from a debtor after the creditor fulfilled the legal requirement of notification by email. However, in an appeal to the STJ, the debtor argued that notification sent exclusively by email would not suffice, as email could not replace a registered letter, and for this reason, they were supposedly not in default.

After analyzing the case, the reporting judge emphasized that Law No. 13,041/2014 – which amended Decree-Law No. 911/1969 – expanded the possibilities for notifying the fiduciary debtor, noting that the emergence of new means of communication is a reality that the law cannot ignore. Additionally, a comparative interpretation of the law indicates that email notifications, if sent to the address provided by the debtor and accompanied by appropriate proof of receipt, fully satisfy the essential requirements of extrajudicial notification.

Read the STJ article in full.

Court of Justice of the State of São Paulo

Court authorizes freezing of funds directly from financial institutions for noncompliance with judicial orders

The 22nd Chamber of Private Law of the Court of Justice of the State of São Paulo (“TJSP”) granted an interlocutory appeal, with orders, to authorize the freezing — via the Judiciary’s File Search System (“SISBAJUD”) — of funds held by a financial institution that failed to comply with a court order to transfer previously frozen amounts.

In this case, BRL 351,000 was frozen in connection with an “asset recorded or held by an institution without authorization for sale” by the financial institution in question. Although the judicial freeze was converted into a levy, and an official notice was ordered to be sent to the financial institution instructing it to transfer the blocked amount to a court-controlled account, the judicial order was not complied with, nor was an appropriate justification presented to the TJSP.

Upon reviewing the case, the Court held that the appeal should be granted so that the lower court (Juízo a quo) could carry out a SISBAJUD freeze of the amount in question, including monetary correction and a fine, from an account held by the financial institution. The Court also ordered that a copy of the case records be sent, via official notice, to the BC’s President for further measures and the judgment be forwarded to the Center for Police Investigations and Proceedings (“CIPP”).

Read the TJSP article in full.