According to Bitcoincom, Brazil's central bank has introduced new regulations requiring Virtual Asset Service Providers (VASPs) to meet higher capital and compliance standards, with some companies needing up to 37.2 million reais (approximately $7.2 million USD) in capital. Out of around 300 VASPs in Brazil, only 20 to 25 are qualified to apply for an operating license, and it's estimated that only about 10 will ultimately be approved. Companies must submit their applications by October 30, and those who fail to apply will have 30 days to gradually cease operations. Bitnuvem, NovaDAX, Digitra, and Coinext have announced plans to terminate or restructure their retail businesses, though they have not explicitly attributed these decisions to the new regulations. https://(wublock123.com)/news/brazil-capital-rules-force-crypto-firms-exit-market-68345