The application period for virtual asset service provider licenses in Brazil has ended, with only about 40 companies submitting applications.

The application period for operating Virtual Asset Service Providers (VASPs) set by the Central Bank of Brazil has ended. Of the expected 150 to 200 companies, only about 40 submitted applications and committed to regulatory compliance. Companies that have submitted applications can continue operating during the review period, while those that have not submitted applications must exit the market in an orderly manner within one month after October 30th. Starting November 6th, banks will block transactions related to unlicensed cryptocurrency companies, and the Central Bank of Brazil's review process for applications can take up to two years. (Source: Bitcoin News)