Our partner Tiago Severo Gomes spoke to Portal do Bitcoin about the real cost of operating a virtual asset service provider (SPSAV) under the Central Bank's new regulation.
The deadline for companies already operating in the sector to file the first stage of the authorization application ends on October 30. Under the methodology of Joint Resolution CMN/BCB No. 14, the minimum capital of an SPSAV ranges from R$ 10.8 million to R$ 37.2 million, depending on the activities carried out. That figure, however, is only the most visible part of the equation. Some companies have already ceased operations because they could not make the numbers work.
In practice:
- 1.There are three distinct components: the minimum capital required by the regulator, the investment to set up or adapt the structure, and the recurring cost of keeping it running.
- 2.Implementation ranges from R$ 3.5 million to R$ 8 million in models relying on technology and operational partners; in vertically integrated operations, from R$ 8 million to R$ 20 million.
- 3.The recurring cost ranges between R$ 500,000 and R$ 1.2 million per month in more conservative structures, and between R$ 1 million and R$ 2.5 million in more robust operations.
- 4.The effect is greater security with a higher barrier to entry: smaller companies tend to seek partners, abandon activities or consolidate with competitors.
(The estimates consider more complex businesses, involving intermediation, stablecoins and foreign exchange, and are not official Central Bank costs.)
As Tiago sums it up, the decisive question for many companies is not merely obtaining the license, but having the financial and operational capacity to permanently sustain a supervised institution.
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