> For the complete documentation index, see [llms.txt](https://www.opensourcelaw.com.br/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.opensourcelaw.com.br/en/regulation/2.-central-bank/2.4.-bcb-resolution-no.-519-2025.md).

# 2.4. BCB Resolution No. 519/2025

Regulates the authorization processes related to the operation of foreign exchange brokerage firms, securities brokerage and distribution firms, and companies p

The [Resolution](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução%20BCB\&numero=519), of November 10, 2025 (Federal Official Gazette of 11/11/2025), governs the <mark style="background-color:purple;">authorization processes</mark> for the operation of foreign exchange brokerage firms, CTVMs, DTVMs, and virtual asset service providers (VASPs).

## Obligations:

The authorization request of the virtual asset service provider that was already operating on the date the Resolution came into force is conducted in <mark style="background-color:purple;">two phases</mark> (Art. 26):

* phase 1: analysis of proof that the company was operating on the date the Resolution came into force, of the unblemished reputation and required conditions of the controllers and holders of qualifying ownership, and of compliance with the minimum capital and net worth requirements (Art. 2, VI and IX); and
* phase 2: analysis of the other requirements of Art. 2.

The documents, templates, and deadlines for each phase were published by the [BCB Normative Instruction No. 704/2026](/en/regulation/2.-central-bank/2.9.-bcb-normative-instruction-no.-704-2026.md).

{% hint style="info" %}
The Resolution came into force on February 2, 2026 (Art. 28).
{% endhint %}

*Updated on 10/28/2026.*