Banks, Financial Services, Fintechs and Digital Assets Newsletter – November 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 Resolution No. 518, of November 03, 2025

Amends BCB Resolution No. 96, of May 19, 2021, which provides for the opening, maintenance and closing of payment accounts.

Among other requirements, the regulation establishes measures that must be adopted for the closing of payment accounts. In addition, it obliges financial institutions, payment institutions and other institutions authorized to operate by the Central Bank of Brazil (“BC”) that manage payment accounts to close accounts in which serious irregularities are found in the information provided by the account holder.

Resolution BCB No. 518 entered into force on December 01, 2025.

Read the full text of Resolution BCB No. 518.

Resolution BCB No. 522, of November 10, 2025 

Amends Resolution BCB No. 150, of October 06, 2021, which regulates the provision of payment services within the scope of payment arrangements that are part of the Brazilian Payment System (“SPB”); and its Annex I, to establish rules to improve the centralized risk management structures in the arrangements that are part of the SPB, in addition to other measures.

Main points of Resolution BCB No. 522/2025:

1. Responsibility of the arrangement’s originator (card payment network)

• Becomes directly responsible for the settlement of authorized payment transactions, even in case of failure or insufficiency of financial protection mechanisms.
• Must maintain qualified liquid assets, or ensure that its participants maintain them, in sufficient value to guarantee payment to the receiving end user.

2. Financial protection mechanisms

• The criteria for sizing protection mechanisms must be transparent and adequate to mitigate relevant financial risks, including default and liquidity.
• The requirement of guarantees between participants and any restriction or discrimination of transactions involving issuers regularly authorized in payment arrangements is prohibited.

3. Chargeback

• Maximum period of 180 days for holding participants accountable after transaction authorization. After this period, the responsibility passes to the card network.
• Chargebacks are prohibited when the dispute arises from a commercial disagreement between end users or from bankruptcy or insolvency of the receiving end user.

4. Sub-acquirers

• Must participate in centralized settlement when acting as receivers of payment flows or payers to receiving end users.
• Card networks cannot delegate to acquirers the responsibility for managing the risks of payment transactions captured through sub-acquirers with whom they have a relationship.

5. Adaptation period

• Institutions have 180 days to adjust their regulations and request authorization to change the rules from the BC.

BCB Resolution No. 522 entered into force on the date of its publication.

Read the full text of Resolution No. 522 on the BC website.

BCB Resolution No. 524, of November 18, 2025

Amends the regulation attached to BCB Resolution No. 195, of March 3, 2022, which regulates the operation of the Instant Payment System and the Instant Payment Account at the BC.

Resolution BCB No. 524 entered into force on December 01, 2025.

Read the full text of Resolution BCB No. 524.

Resolution BCB No. 525, of November 28, 2025

Provides for the execution of repurchase agreements with fixed-income securities by payment institutions, securities brokerage firms, securities distribution firms, and foreign exchange brokerage firms.

Repurchase agreements may have as their purpose, provided they are duly registered in Selic or in a custody and settlement system for securities transactions authorized by the Central Bank or the Securities and Exchange Commission (“CVM”), the following securities:

• securities issued by the National Treasury;
• credits securitized by the National Treasury;
• Agrarian Debt Securities issued by the National Institute for Colonization and Agrarian Reform;
• state and municipal securities;
• bank deposit certificates;
• bank credit notes;
• certificates of bank credit notes;
• bills of exchange accepted by financial institutions;
• mortgage bonds;
• real estate credit notes;
• real estate credit certificates;
• debentures;
• debenture certificates;
• commercial notes;
• real estate receivables certificates;
• agricultural product notes with financial settlement;
• agribusiness credit rights certificates;
• agribusiness credit notes;
• agribusiness receivables certificates;
• export credit certificates;
• export credit notes;
• bonds issued by the International Finance Corporation (IFC), as authorized by specific regulations;
• leasing notes;
• financial notes; and
• secured real estate notes.

BCB Resolution No. 525 will enter into force on January 02, 2026.

Read the full text of BCB Resolution No. 525.

BCB Normative Instruction (“IN”) No. 682, of November 19, 2025

Amends Circular Letter No. 3,869, of March 19, 2018, which provides for and consolidates the procedures to be observed in sending information to the Credit Information System (SCR), as provided for in Circular No. 3,870, of December 19, 2017.

BCB IN No. 682 entered into force on the date of its publication.

Read the full text of BCB Instruction No. 682.

Joint Resolution No. 18, of November 28, 2025

Provides for the obligation of financial institutions and other institutions authorized to operate by the BC to develop and implement a quality policy for the information provided within the scope of the BC’s activities, due to legal or regulatory requirements or specific demands from the BC.

Joint Resolution No. 18 enters into force on January 01, 2026.

Read the full text of Joint Resolution No. 18.

National Monetary Council

CMN Resolution No. 5,261, of November 03, 2025

Amends Resolution No. 4,753, of September 26, 2019, which provides for the opening, maintenance and closing of deposit accounts.

According to the new rule, financial institutions must close deposit accounts in which:

• irregularities considered to be of a serious nature are found in the information provided by the account holder; or
• the account holder is found to be providing services that constitute financial or payment services within the scope of the National Financial System or the SPB, without the proper legal provision or adherence to the current regulations of the National Monetary Council (“CMN”) or the BC.

CMN Resolution No. 5,261 came into effect on December 01, 2025.

Read the full text of CMN Resolution No. 5,261.

CMN Resolution No. 5,266, of November 28, 2025

Amends Resolution No. 3,339, of January 26, 2006, and its attached regulation, which amends and consolidates the rules governing repurchase agreements involving fixed-income securities.

Resolution CMN No. 5,266 entered into force on the date of its publication.

Read the full text of Resolution CMN No. 5,266.

NEWS

New BC rules open the door for IOF tax on stablecoins

The BC announced new rules that classify stablecoins as foreign exchange transactions, opening the door for IOF tax to be levied on these transactions.

Before this, these transactions were not subject to the tax, which encouraged tourists and companies to use stablecoins to transfer funds abroad, especially after the increase in the traditional IOF rate from 1.1% to 3.5%. With the change, the expectation is that the tax will apply directly to these operations, although its application depends on regulation by the Federal Revenue Service. The new rules will come into effect in February 2026.

In addition to taxation, the new regulatory package from the BC requires, above all, that financial institutions and fintechs follow stricter governance standards, prevent money laundering and combat fraud, as well as maintain minimum capital between BRL 10.8 million and BRL 37 million, depending on the activities offered.

According to Fabio Braga and Marcus Fonseca, partners in the Banking and Finance practice area at Demarest, the new requirements reinforce operational security and market transparency, but also pose challenges to institutions, which will need to update the terms and conditions of their platforms, strengthen internal controls and ensure compliance with international practices.

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

BC Regulates the Provision of Virtual Asset Services

On November 10, 2025, the BC published three resolutions aimed at regulating agents and activities related to the provision of virtual asset services.

The measure resulted from a lengthy public consultation process to gather input, comments, and suggestions from the market, and establishes a regulatory framework entirely focused on the local virtual asset market.

• BCB Resolution No. 519

Regulates the authorization processes related to the operation of foreign exchange brokerage firms, securities brokerage firms, securities distribution firms, and virtual asset service providers.

• BCB Resolution No. 520

Regulates the establishment and operation of virtual asset service providers and the provision of virtual asset services by other institutions authorized to operate by the BC.

• BCB Resolution No. 521

Amends BCB Resolution No. 277, of December 31, 2022, BCB Resolution No. 278, of December 31, 2022, and BCB Resolution No. 279, of December 31, 2022, in order to include activities or operations of virtual asset service providers in the foreign exchange market and to provide for situations subject to regulation of Brazilian capital abroad and foreign capital in Brazil.

Access our White Paper on the subject.

Law No. 15,252/2025: New Rights for Users of Financial Services

Law No. 15,252, of November 4, 2025 – sanctioned with presidential vetoes and published in the Brazilian Official Gazette (“DOU”) on November 5, 2025 – represents a milestone in expanding the rights of consumers of financial services in Brazil, promoting greater freedom of choice, transparency, and access to more efficient banking services.

The new legislation ensures that individuals using financial services have the right to automatic salary portability, automatic debit between institutions, information, and access to special credit with reduced interest rates.

The main points of these rights are:

• automatic salary portability;
• automatic debit between financial institutions;
• right to information;
• credit with reduced interest rates; and
• presidential vetoes.

The CMN will establish guidelines for the implementation of the new legislation, while the BC will regulate it, both within a maximum period of 180 days.

The rule came into effect on the date of its publication.

Access our client alert on the subject. 

BC and CMN change procedures and methodology for calculating the minimum capital and net worth limit for authorized institutions

On November 03, 2025, the BC and the CMN published Joint Resolution No. 14 and BCB Resolution No. 517, which provide, respectively, for the methodology and procedures to be observed in calculating the minimum limit of paid-in capital and net worth applicable to financial institutions and other institutions authorized to operate by the BC.

According to the BC, establishing such minimum limits is an essential measure to ensure the adequate asset structure of institutions and the preservation of the soundness of the system as a whole, given that, with the new regulation, the focus is primarily on the activities actually carried out, and no longer on the specific type of institution.

In addition to the capital required according to the activities, the methodology provides for a portion of the minimum capital to cover the initial cost of operation and the costs associated with services intensive in technological infrastructure. The first portion applies to all institutions, in accordance with their complexity, while the second is directed only to institutions that develop services that require the intensive use of technology, in line with BCB Resolution No. 517.

Access our client alert on the subject.

New security measures from the BC are a significant advance, according to experts

The BC announced new measures to strengthen the security of the financial system, focusing on payment institutions and fintechs. The changes include additional capital requirements, improved fraud prevention mechanisms, and stricter regulatory oversight. The goal is to strengthen the robustness of the system and promote greater balance and resilience in the financial system.

Experts consider the measures a significant step forward. Fabio Braga, partner at Demarest Advogados and specialist in financial regulation, believes that the new model “captures the spirit of the times” by adapting capital requirements to the combination of activities carried out by each institution. According to Braga, “the BC stops applying a single standard and starts calibrating capital according to the set of operations, which makes the rule more aligned with the current reality.”

It was also highlighted that the gradual transition until 2028 should facilitate adaptation and that the model could serve as a basis for future regulations, including for virtual asset service providers.

Read the full news on the Valor Econômico website.

BC regulates crypto services in Brazil: what changes for users and operators?

The BC published three resolutions — numbers 519, 520, and 521 — that establish the first comprehensive regulatory framework for crypto-asset services in Brazil.

These new regulations function as an “instruction manual” for the sector and define criteria for the creation, operation, and integration of virtual asset companies into the financial system.

Resolution 519 requires prior authorization for the operation of virtual asset service providers (VASPs), demanding proof of the lawful origin of capital, economic viability, and unblemished reputation of the administrators.

Resolution 520 regulates the day-to-day operations of these companies, imposing asset segregation between client resources and the institution’s own resources. This involves the obligation to guarantee individualized accounts, daily reconciliation, auditing, and robust governance. The regulation also requires written policies, vulnerability tests, smart contract audits, and operational continuity plans.

Resolution 521, in turn, integrates crypto-assets into the foreign exchange market, determining that international transactions with digital currencies, including stablecoins and transfers from self-custodial wallets, be tracked and declared to the BC. Companies will be required to provide complete sender and recipient information, prohibiting transactions “on behalf of third parties,” except when mediated by regulated institutions.

According to Fabio Braga, partner at Demarest Advogados, the new BC framework will bring more protection and operational security to users of virtual asset services, without losing sight of the need to avoid imposing restrictions that impede the efficient development of the Brazilian market.

The rules will come into effect on February 02, 2026, with a period of up to 270 days for companies already in operation to request authorization or transfer operations to Brazilian institutions. Foreign platforms will have an additional 30 days to adjust.

This regulatory framework represents an important step in the search for a balance between security, innovation, and integration with the financial system, although it imposes greater formalization and costs for VASPs.

Read the full news on the Lex Legal website.

Registration of Quarterly Periodic Declaration at the BC – Base Date of September 30, 2025

By December 31, 2025, Brazilian companies receiving foreign direct investment in their share capital, in any amount, and which have recorded total assets equal to or greater than BRL 300 million must submit to the BC the Quarterly Periodic Declaration (DPT) referring to the base date of September 30, 2025.

The submission of this declaration is part of the obligations applicable to companies receiving foreign direct investment, and its absence or delay may result in the application of penalties by the BC.

Access our client alert on the subject.

Transformation of trade acceptance bills in the financial market

The landscape of commercial trade acceptance bills in Brazil is about to change profoundly, according to analysis by Fabio Braga, Marcus Fonseca and Yuri Nabeshima, from Demarest, in a column in the publication Valor Econômico.

For decades, the ‘trade acceptance bill’ was essential to national commerce, but now it faces pressure to digitize itself in the face of demands for legal security and efficiency.

It is in this scenario of technological disruption that the electronic trade acceptance bill emerges, created by law and regulated by CMN and BC regulations. New legislation authorized the issuance, circulation, and settlement of the trade acceptance bill exclusively in electronic form, making issuance and registration by entities authorized by the BC mandatory. This innovation represents a milestone of modernization and security in the banking system, fundamental for the negotiation of receivables, the granting of credit, and the fluidity of companies’ working capital.

In addition to reducing operational risks, the electronic trade acceptance bill should modernize the credit market, facilitate access to financing, expedite payments, and strengthen the traceability and auditing of these securities. The registrars approved by the BC will play a central role in this process, ensuring the integrity and interconnectivity of the records.

Read the full news on the Valor Econômico website.

BC and CMN regulate Banking as a Service

On November 28, 2025, the BC and the CMN published Joint Resolution No. 16, aiming to regulate the provision of “Banking as a Service” (“BaaS”) services by financial institutions, payment institutions, and other institutions authorized to operate by the BC.

The new rules create a specific regulatory regime for the provision of BaaS services by financial institutions, payment institutions, and other entities authorized by the BC. The regulation delimits the scope of eligible services, establishes regulatory responsibilities, imposes governance, security, and monitoring requirements, and governs the contractual relationship between the service provider institution and the client entity.

Access our Client Alert on the topic.

BC and CMN regulate the nomenclature and form of presentation to the public of institutions authorized to operate by the BC.

On November 28, 2025, the BC and the CMN published Joint Resolution No. 17, which regulates the nomenclature and form of presentation to the public of institutions authorized to operate by the BC.

The rule defines concepts such as company name, trade name, brand, domain, and presentation to the public, determining that these elements must clarify the activities for which the institution is authorized, and that terms that induce misinterpretations should be avoided.

Institutions must indicate, in their communication and service channels, the authorized activities, whether they offer financial services, consortiums, virtual assets, or payment services, and, when applicable, to which conglomerate or cooperative system they belong. Partnerships or contracts with unauthorized entities that use misleading nomenclature are also prohibited, with a period of up to one year for the adaptation of existing contracts. There are exceptions for specific operations, such as microcredit and ancillary or operational services.

Each institution must assess its compliance and submit an adaptation plan within 120 days, with a maximum implementation period of one year. Changes only to the company name do not require a plan, but must be communicated to the BC within 90 days. The rule also applies to pending requests and revokes Article 8 of CMN Resolution No. 4,935/2021.

The resolution came into effect on the date of its publication.

Access our Client Alert on the subject.

BC and CMN publish rules dealing with the portability of credit operations in Open Finance

On November 28, 2025, the Central Bank and the CMN published Joint Resolution No. 15. The rule amends Joint Resolution No. 01, of May 4, 2020, which includes the sharing of the credit operation portability service within the scope of Open Finance.

On the same date, the CMN published Resolution No. 5,265, which amends the resolution dealing with the portability of credit and financial leasing operations (CMN Resolution No. 5,057, of December 15, 2022).

According to the BC, credit portability through Open Finance will bring greater efficiency in accessing and exchanging information in a secure, agile, standardized, and digital way, aiming to mitigate informational asymmetries and operational barriers, and improve the customer experience.

Among the main innovations, the new technology will reduce the time to finalize credit portability operations – from up to five business days to three business days.

Access our client alert on the subject.

Superior Court of Justice – STJ

Bank has right of recourse against company that supplied machine used in credit card fraud

The Fourth Panel of the Superior Court of Justice (STJ) unanimously decided that a bank ordered to compensate a client who was a victim of credit card fraud has the right of recourse against the acquiring institution responsible for supplying the machine used in the scam.

According to the panel, all members of the credit service chain have a duty to adopt measures to ensure the security of transactions.

In this case, the bank sought reimbursement of approximately BRL 10,000, an amount paid as a result of a judgment in a lawsuit filed by a consumer. In this regard, it alleged that the acquiring institution contributed to the fraud by accrediting a merchant without conducting minimum due diligence, allowing the use of the machine in fraudulent transactions and profiting from the fees charged.

Although the Court of Justice of São Paulo (TJSP) understood that there was no fault on the part of the acquiring company, the Superior Court of Justice (STJ) recognized that, before the consumer, there is joint and several liability among banking service providers, according to article 14 of the Consumer Protection Code (CDC). Thus, the bank can seek reimbursement in a separate action, according to article 13 of the CDC.

Minister Isabel Gallotti, rapporteur of the case, highlighted that acquiring companies have legal and regulatory duties, such as the qualification of merchants and fraud control, and failure to fulfill these duties can generate liability. In the specific case, both the bank and the acquiring company contributed to the damage, and the losses must be divided proportionally to the degree of fault of each, according to article 283 of the Civil Code.

Read the full news on the STJ website.

Read the full judgment in REsp 2.230.872