What Is a PSAV or SPSAV? Brazil's Central Bank Crypto Rules (Res. 519, 520, 521) Explained

"PSAV" and "SPSAV" are the two acronyms at the centre of Brazil's crypto rules. A PSAV is any company that provides crypto services to others, as defined by law. An SPSAV is the new type of company the Banco Central do Brasil (BCB) created in November 2025 to authorise those providers. This guide explains both terms, the three BCB resolutions behind them, and the dates that run to 2028.

PSAV: What the Law Says

Lei 14.478/2022 calls a prestadora de serviços de ativos virtuais (PSAV) a legal entity that performs, on behalf of others, at least one of these services (art. 5):

• exchanging crypto for reais or foreign currency;
• exchanging one crypto for another;
• transferring crypto;
• holding crypto in custody, or administering it;
• taking part in services linked to a token issuer's offer or sale of crypto.

A PSAV may operate in Brazil only with prior authorisation (art. 2). Consumer-protection law (the Código de Defesa do Consumidor) applies to these operations (art. 13). Tokens that are securities stay with the CVM (art. 1, sole paragraph).

Decreto 11.563/2023 named the BCB as the authority that regulates, authorises and supervises PSAVs.

SPSAV: The BCB's New Type of Company

In November 2025, the BCB published three resolutions (DOU, 11 November 2025):

• Resolução BCB 519 sets the authorisation processes for SPSAVs and for securities and FX brokers.
• Resolução BCB 520 creates the Sociedade Prestadora de Serviços de Ativos Virtuais (SPSAV) and sets the rules for it. It is in force since 2 February 2026.
• Resolução BCB 521 amends the BCB's FX and international-capital rules to cover virtual-asset operations. This implements art. 7, V of Lei 14.478.

Under Res. 520 (art. 4), an SPSAV is a BCB-authorised institution that provides crypto services to third parties in one of three types:

1. Intermediária (intermediary). It may buy, sell and swap crypto for clients, underwrite issues, manage portfolios, provide staking and do crypto-related FX operations (art. 7).
2. Custodiante (custodian). It holds and controls private keys, keeps client positions up to date and reconciled, and follows client instructions (art. 9).
3. Corretora (broker). It may combine the activities. Res. 520 forbids only intermediaries and custodians from combining activities of other types (art. 4, §2).

An SPSAV must carry "Sociedade Prestadora de Serviços de Ativos Virtuais" in its legal name and state its type on its website and app (art. 15).

Banks, securities and FX brokers and distributors that the BCB already authorises may also offer crypto intermediation and custody, with one limit: FX brokers may only offer intermediation (art. 20). New entrants must formally notify the BCB and wait 90 days (art. 21). Those already active had 270 days to notify (art. 22).

Key Dates, From 2026 to 2028

A few rules are worth knowing even if you never read the resolution:

• Providers may not use mixers or similar tools to hide who is behind a transaction (art. 90).
• Client money must sit in individualised accounts in the client's name (art. 28).
• Client crypto must be kept separate from the provider's own (arts. 29 and 78).
• The adaptation period for a firm already operating ends when the BCB rules on phase 1 of its application. From then on, the firm must comply fully even if no final decision has been made (art. 88, §§1 and 3).

As of 31 October 2026, the BCB's open data on authorisation processes (latest reference date 30 September 2026) shows no company yet authorised as an SPSAV. The BCB has said the postponement of the art. 91 ban to 6 November 2026 gives it time to publish an official list of institutions in transition (Voto 108/2026-BCB).