Financial Market: main news from 06 to 10/04
1. BCB details rules for virtual assets operations and warns of cybersecurity risks
The BCB advanced in regulating the virtual asset market, highlighting that only authorized and eligible institutions may notify their interest in providing crypto asset intermediation and custody services, through the Unicad system, with simultaneous submission of a technical certification prepared by a qualified independent firm, under BCB Normative Instruction No. 701/2026. Gustavo dos Santos, a representative of Decon, stated that the certification process has raised questions and clarified that the standard does not require a specific certification body or formal assurance – the BCB’s focus is on a document containing a detailed analysis of the requirements, procedures and conclusions, rather than merely a generic declaration of compliance. The regulator also reinforced its cybersecurity warning, highlighting the rise in incidents since mid-2025, with funds diverted in attacks that pass through several stages before reaching virtual asset exchanges, making it even more essential for companies in the sector to operate with robust controls and operational maturity.
Central Bank details requirements for operating with virtual assets and reinforces security warning
2. CVM guides intermediaries on their duties in fixed income trading on the organized OTC market
The Superintendence of Market and Intermediary Relations (SMI) of the CVM published, on April 2, 2026, Circular Letter CVM/SMI No. 2, aimed at reinforcing the obligations applicable to intermediaries operating in the secondary fixed income market on the organized over-the-counter (OTC) market. The document was motivated by (i) the significant growth in trading volume in this segment; (ii) the shift in investor profile; (iii) and the emergence of new trading systems – a scenario that led the technical division to consider a formal guidance on compliance with CVM Resolutions 35 and 135, which address, respectively, intermediation and client relationship duties, and the registration of transactions with organized OTC market administrators. In practice, the Circular Letter signals that the regulator is closely monitoring the evolution of this market and that intermediaries must likewise ensure their operations are properly structured, or risk regulatory violations.
3. CVM records nearly triple the number of suspension orders in 2025, intensifying enforcement against unauthorized market activity
On Thursday (April 9), the CVM released its Sanctioning Activity Report for Q4 2025, with an annual summary revealing a significant intensification of enforcement actions. The most notable figure is the growth in stop orders, which jumped from 13 in 2024 to 37 in 2025, on an upward trend throughout all quarters of the year. Most are related to foreign companies operating without authorization in Brazil that attract clients through digital platforms, frequently offering CFDs, a highly complex product and promises of quick returns. On the enforcement side as a whole, warning letters grew from 388 to 434, investigative proceedings initiated rose from 59 to 92, and proceedings resulting in formal charges went from 76 to 95, with 804 cases ongoing at year-end. Referrals to the Public Prosecutor's Office also increased, from 70 to 95 letters, with a focus on evidence of unauthorized activity, fraud, and fraudulent management and signaling that the regulator is escalating the rigor of its enforcement in line with the growing complexity of the market.
The number of stop orders almost tripled from 2024 to 2025
CVM suspension orders triple in 2025, raising concerns among investors
4. IMF expected to warn Brazil over delay in modernizing its bank resolution framework
The IMF is expected to repeat its 2018 negative assessment and once again criticize Brazil for the delay in updating its bank resolution framework. The country recently underwent the Financial Sector Assessment Program (FSAP), conducted by the IMF and the World Bank, and the BCB itself anticipates that the final report, scheduled to be presented to the IMF's executive board in July, will flag the issue as a point of weakness. The core problem is the absence of legislative change: a bill submitted by the BCB to the Brazilian Chamber of Deputies in 2019 to align Brazilian standards with post-2008 crisis international norms remains in limbo, with the main sticking point being the possible use of public funds in situations of systemic risk. The FSAP will also assess areas that have undergone recent regulatory changes in the country, such as cybersecurity and virtual assets.
5. BCB tightens control over fintechs, denies licenses, and warns of legal risks in mass license revocations
The BCB has been tightening its control over payment institutions (PIs) in Brazil on several fronts simultaneously. Throughout 2025, the BCB recorded 32 operating license cancellations, seven of which involved PIs, and the trend is expected to intensify this year, with a May 2026 deadline for institutions already in operation to formally submit their advance authorization requests. In parallel, BCB’s President Gabriel Galípolo, speaking before the Senate's Organized Crime Parliamentary Committee, warned of a significant legal risk in this process: without uniform understanding among the country's courts, a mass revocation of licenses could trigger a wave of judicial appeals that would be difficult to manage – compounded by the fact that the BCB has lost nearly a quarter of its staff over the past decade, with more than 3,400 positions vacant. Galípolo used the occasion to press Congress to pass the constitutional amendment granting the regulator financial autonomy, stating that the situation had moved from a request for support to a call for rescue.
Central Bank sees risk of "legal chaos" in revoking fintech licenses
