Analysis
Brazil vs MiCA vs UK: how crypto licensing compares
Minimum capital, deadlines, transition and scope across the three regimes, from the official texts.
Brazil, the European Union and the United Kingdom all require crypto firms to be licensed, but they differ on minimum capital, transition deadlines and what happens to firms still under review. The table uses only each regime's official texts; amounts are in local currency, not converted.
| Brazil (BCB) | European Union (MiCA) | United Kingdom (FCA) | |
|---|---|---|---|
| Legal basis | Law 14,478/2022; Res. BCB 520 and 519 | Regulation (EU) 2023/1114 | FSMA 2000 (Cryptoassets) Regulations 2026 (FCA) |
| Authoriser | Banco Central do Brasil | National competent authority of each member state | Financial Conduct Authority |
| Licence types | SPSAV intermediary, custodian or broker (Res. 520, art. 4) | CASP; services grouped into 3 capital classes (Annex IV) | Activity-based permissions (e.g. safeguarding, trading platform, dealing) |
| Minimum capital | Set by activity (Joint Res. 14/2025); brokers and custodians: BRL 8.0m to 37.2m (BCB); for SPSAVs, BRL 10.8m to 37.2m per BMA Advogados (secondary) | EUR 50k, 125k or 150k by class (Annex IV / ESMA) | GBP 75k to 750k by activity (permanent minimum requirement, PS26/12) |
| Deadline for existing firms | File by 30 Oct 2026 (IN 704, art. 9) | Transition until 1 Jul 2026 at the latest; states could shorten it (art. 143(3)) | Window 30 Sep 2026 to 28 Feb 2027 (FCA direction) |
| While under review | Timely filers continue until decided (art. 88, §6) | Transition over: unlicensed service breaches EU law (ESMA) | Firms applying in the window may continue until decided (FCA) |
| Non-filers | Stop within 30 days after the deadline (art. 88, §7) | Must execute an orderly wind-down plan (ESMA) | May have to cease activities until authorised (FCA) |
| Full application | 2 Feb 2026 (Res. 520 in force) | 30 Dec 2024 (CASP titles) | 25 Oct 2027 |
Capital: Brazil asks for more
Minimum capital is now set by the activities a firm carries out, under the methodology of CMN/BCB Joint Resolution 14/2025. In BCB's 3 Nov 2025 presentation, brokers and custodians fall between BRL 8.0 million and BRL 37.2 million (BCB); for SPSAVs, law firm BMA Advogados cites BRL 10.8 million to 37.2 million (secondary source). There is a phase-in for institutions already operating (25% of the difference until 31 Dec 2026, 100% from 2028, art. 12). Under MiCA the floor is EUR 50,000 to 150,000 (Annex IV). In the UK the permanent minimum requirement runs from GBP 75,000 (dealing as agent, arranging deals) to GBP 750,000 (dealing as principal) (FCA PS26/12); the binding requirement is the highest of that floor, the fixed-overheads requirement and the K-factors.
Transition: three calendars
The EU moved first: MiCA has applied to service providers since 30 Dec 2024 and the transition ended on 1 Jul 2026 in every member state (ESMA). Brazil closes its filing window on 30 Oct 2026. The UK opened its window on 30 Sep 2026 and the regime starts on 25 Oct 2027 (FCA).
Firms under review
In Brazil, timely filers may keep operating (Res. 520, art. 88, §6), but since Res. 589 the ban on banks (art. 91) no longer exempts firms in process. In the UK, the FCA says firms that apply within the window can continue, including taking on new business, while their application is assessed (FCA). In the EU the transition is over and there is no continuity without a licence.
A simplified comparison of official texts; each regime has exceptions. Not legal advice.
Sources
- Lei 14.478/2022 www.planalto.gov.br
- Resolução BCB 520/2025 www.bcb.gov.br
- Resolução BCB 589/2026 www.bcb.gov.br
- IN BCB 704/2026 www.bcb.gov.br
- Resolução Conjunta CMN/BCB 14/2025 www.bcb.gov.br
- BCB · apresentação capital mínimo (03/11/2025) www.bcb.gov.br
- BMA Advogados · resumo Res. 519–521 www.bmalaw.com.br
- Regulation (EU) 2023/1114 (MiCA) eur-lex.europa.eu
- ESMA · MiCA Annex IV www.esma.europa.eu
- ESMA · MiCA art. 143 www.esma.europa.eu
- ESMA · statement on end of transitional periods www.esma.europa.eu
- FCA · application period direction (20/02/2026) www.fca.org.uk
- FCA · cryptoasset regime overview www.fca.org.uk
- FCA · press release 30/09/2026 www.fca.org.uk
- FCA · PS26/12 prudential regime www.fca.org.uk