BCB Resolution 589 Extends Crypto Firms' Reporting Duties From 1 January 2027

The Central Bank of Brazil (BCB) issued Resolution BCB 589 on 23 September 2026, amending Resolution BCB 520, the rule for virtual asset service providers. From 1 January 2027, firms already operating that have applied for authorisation must keep sending client balance, custody, proof-of-reserves and staking data after phase 1 of the authorisation process, and the BCB will set how the data is sent.

What Changes in Article 88

Article 88, item III, of Resolution 520 requires firms that were providing virtual asset services when the rule took effect, and that applied for authorisation, to send data to the BCB. The original text applied from the filing of the application until the conclusion of phase 1 of the authorisation process.

The new wording, in force from 1 January 2027, applies from the filing of the application, with no end at phase 1. It also removes the fixed frequencies for items b to e: daily for client account balances and for virtual assets held in custody, and monthly for verifiable proof of reserves and for client assets used in staking.

New Articles 90-A and 90-B

Article 90-A extends the same data duties to the banks, securities brokers and distributors and foreign exchange brokers that article 20 allows to provide virtual asset services: from the start of their services for those notifying the BCB under article 21, and immediately for those already active under article 22. Under article 90-B, the BCB will set the form and other conditions for sending the information.

Earlier Change to Article 91

The same resolution rewrote article 91 with effect from 1 October 2026. From 6 November 2026, authorised institutions may not carry out or enable virtual asset operations with providers not authorised by the BCB, except as the rule expressly allows.