[Brazilian Crypto Exchanges Must Submit License Applications by Friday; Compliance Costs and Regulatory Questions Remain] Odaily reports that Brazilian cryptocurrency exchanges must submit license applications by Friday to continue operating during the regulatory review process, which could last up to two years. Companies that fail to apply on time must cease providing services within 30 days of Friday. Starting November 6th, banks and payment institutions will also be restricted from conducting cryptocurrency transactions with unauthorized service providers. The Brazilian Central Bank (Banco Central do Brasil) will launch a cryptocurrency regulatory framework in November 2025, requiring service providers to verify the source and destination of cryptocurrency transfers, including those involving self-custodied wallets. The rules also set a $100,000 cap on certain international cryptocurrency transfers where counterparties are not authorized to operate in the Brazilian foreign exchange market. Exchanges still have questions regarding wallet identification, interpretation of limits, and transaction reporting thresholds. Fabio Cendão, founding partner of the Brazilian law firm FCM Law, stated that the application process is only the beginning; compliance also involves high capital requirements, technical certifications, custody audits, and anti-money laundering controls. Depending on the services offered, the minimum capital requirement ranges from 10.8 million to 37.2 million Brazilian reais; Cendão points out that these costs may make compliance difficult for smaller exchanges. (Cointelegraph)