Central Bank should publish rules for BaaS and crypto assets by the end of the year

The Central Bank (BC) is preparing to publish a package of standards awaited by the financial market for the last quarter of 2025.

Measures must include regulation of the model Banking as a Service (BaaS) and the definitive framework for cryptoassets, in addition to new rules for managing risks in payment arrangements, using the names of financial institutions and calculating the minimum capital required of supervised companies.

The expectation is that BaaS and cryptoactive standards will be the first to come out, later this year, according to information from the Value Economic. Both would be in the final stages of preparation and have already undergone public consultations.

Cyber ​​attacks

Sources interviewed by the newspaper claim that the last few months have been “atypical” for the Central Bank, which needed to reorganize the regulatory agenda following cyber attacks against the financial system.

In September, the BC tightened security rules for payment institutions and Information Technology Service Providers (PSTIs), responsible for connecting institutions to the monetary authority’s systems.

The president of the BC, Gabriel Galípolo, stated at the time that strengthening security is “continuous” work, and that new measures in this area will continue to be published.

BaaS Regulation

The Banking as a Service (BaaS) model allows unregulated companies — such as fintechs, retailers and digital platforms — to offer banking and payment services through partnerships with institutions authorized by the BC.

In the public consultation opened in October 2024, the Central Bank signaled that the advancement of the model required greater transparency and clear rules of responsibility between the parties involved.

The objective of the new regulation is to mitigate operational and compliance risks, establishing limits for the actions of companies that use third-party banking infrastructure.

Cryptoassets

The regulation of the cryptoactive market is also in its final phase and should cover three main axes:

1. Virtual assets and exchange;
2. Authorization process for Virtual Asset Service Providers (PSAVs);
3. Operational and accounting rules for the operation of these providers.

The BC wants to standardize supervision over exchanges and custodians, in line with recommendations from the FATF (International Financial Action Group), and differentiate financial activities from technological intermediation activities.

Payment Arrangements

Another standard nearing completion deals with risk management in payment arrangements — the structures that allow credit and debit cards to operate.

The topic was debated in a public consultation in September 2024 and seeks to reinforce the financial robustness of these systems.

Among the proposals is the creation of optional guarantee funds, financed by the participants in the arrangements themselves (such as brands, issuers and acquirers), to cover possible operational failures.

Minimum capital

The Central Bank must also publish by December the rule that regulates the use of names and denominations by financial institutions. The rule will prohibit the use of terms such as “bank” or “bank” by companies that are not authorized to operate as a banking institution.

Another front under development is the change in the methodology for calculating the minimum capital required, which will now consider the type of activity of the institution. The new model should maintain the average at around R$7 million, but with different weights for higher risk institutions.