Simulator — Virtual Asset Services

Step 01 / 05

Entity Type

BCB Res. 519/2025 art. 1 | BCB Res. 520/2025 art. 20 | BCB Res. 542/2025

Select the institution type. This determines permitted activities and authorization requirements. Only institutions in art. 20 of BCB Res. 520/2025 may provide virtual asset intermediation and custody services, in addition to SPSAVs.

Functional Criterion (BCB Vote No. 141/2025)

The new methodology adopts the principle "same activity, same risk, same rules." Minimum capital is calculated based on operational activities effectively performed, regardless of entity type.

S1.1 Required

Institution type

SPSAV — Virtual Asset Intermediary

Intermediation of virtual assets: buy/sell/swap, portfolio management, FX market operations (eFX). Two-phase BCB authorization.

BCB Res. 520, arts. 6-7 | BCB Res. 517, art. 3(II)(c)

SPSAV — Virtual Asset Custodian

Custody of virtual assets: safekeeping, control, record maintenance, event handling. Two-phase BCB authorization.

BCB Res. 520, arts. 8-9 | BCB Res. 517, art. 3(III)(d)

SPSAV — Virtual Exchange

Combined intermediation and custody. Two-phase BCB authorization.

BCB Res. 520, art. 10 | BCB Res. 517, art. 3(II)(d), 3(III)(c)

FX Broker (Sociedade Corretora de Câmbio)

FX intermediation + virtual asset intermediation only (no custody). Registers eFX in SISBACEN. Communication to BCB + 90 days.

BCB Res. 542/2025, arts. 2-3 | BCB Res. 520, art. 20(II) | BCB Res. 517, art. 3(II)(e)

CTVM — Securities Broker Under validation

Intermediation + custody of virtual assets (BCB Res. 520, art. 20, II). May operate virtual asset margin accounts (art. 72). Corporate purpose per CMN Res. 5,008/2022. Capital criteria under validation.

CMN Res. 5,008/2022 | BCB Res. 517, art. 3(II)(f), 3(III)(a) | Coming soon

DTVM — Securities Distributor Under validation

Intermediation + custody of virtual assets (BCB Res. 520, art. 20, II). May operate virtual asset margin accounts (art. 72). Corporate purpose per CMN Res. 5,008/2022. Capital criteria under validation.

CMN Res. 5,008/2022 | BCB Res. 517, art. 3(II)(g), 3(III)(b) | Coming soon

Bank (Commercial, Multiple, Investment, FX) Under validation

Intermediation + custody of virtual assets (BCB Res. 520, art. 20, I). Banks span multiple activity categories (credit, intermediation, custody, services) requiring comprehensive cross-referencing with BCB Res. 517.

BCB Res. 520, art. 20(I) | BCB Res. 517, art. 3 (multiple) | Coming soon

S1.2

Current entity status

Determines applicability of the transition rule under art. 12 of Joint Resolution No. 14/2025.

New entrant — no prior authorization

Transition rule DOES NOT apply. Full minimum capital required from filing.

Operating before 11/04/2025

Transition rule may apply (art. 12, Joint Res. 14). Progressive adjustment until 06/30/2028.

SPSAV — active before 02/02/2026, without BCB authorization

Transition rule DOES NOT apply. No prior capital regulation for SPSAVs. Full capital at filing.

Step 03 / 05

Investment Category

Joint Res. 14/2025, art. 10, §2, II | BCB Res. 517, art. 6

Reflects restrictions on how the institution may deploy resources. Feeds into Portion II (Activities).

S3.1 Required

Investment activity category

Restricted

Specific regulation limits investment forms. Applies to SPSAVs (art. 12, Res. 520/2025).

R$ 5,000,000 | Art. 10, §2, II, "a"

Unrestricted

No specific restrictions on investment forms. Applicable to institutions with investment freedom.

R$ 8,000,000 | Art. 10, §2, II, "b"

Step 04 / 05

Funding Category

Joint Res. 14/2025, art. 10, §2, III | BCB Res. 517, art. 7

The funding factor is automatically set to the highest permitted category for the selected entity type, per BCB Res. 517/2025, art. 7, §1, II ("the category with the highest associated factor"). User selection is available for reference but the system enforces the regulatory maximum.

S4.1 Required

Funding category

Own resources

Operates exclusively with own capital.

Factor: 60% | Art. 10, §2, III, "a"

Institutional resources

Fundraising from institutional or professional investors.

Factor: 80% | Art. 10, §2, III, "b"

Public resources (excl. deposits)

General public fundraising, except deposits.

Factor: 120% | Art. 10, §2, III, "c"

Deposits

Public deposits. Only commercial/multiple banks.

Factor: 200% | Art. 10, §2, III, "d"

Result

Estimated Minimum Capital

Joint Res. 14/2025, art. 8 | Capital = Portion I (Cost) + Portion II (Activities)

Minimum Paid-In Capital

R$ 0

Component	Value

Comparison by funding category

Same activity profile, varying only the funding factor (art. 10, §2, III)

Disclaimer

This calculator implements the methodology per Joint Resolution CMN/BCB No. 14/2025 (arts. 8-10) and BCB Resolution No. 517/2025 (arts. 2-7). Values are estimates based on current regulation interpretation and do not substitute BCB's formal analysis during authorization. Subject to confirmation via detailed calculation with the complete Joint Res. 14 table and DEORF/BCB guidance.