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Brazil Central Bank Says 30% of Crypto License Applicants Miss Capital Rules

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Key takeaways

  • About 30% of crypto firms that applied for a license from the Central Bank of Brazil lack the share capital its rules require, an inspection director said.
  • The central bank’s Nov. 6 list shows 120 applicants seeking to keep operating as virtual asset service providers.
  • Many applicants also failed to include audited financial statements, raising the risk of rejections in the first review round.

About 30% of crypto companies that applied for a license from the Central Bank of Brazil do not have the share capital its rules require, the bank’s inspection director, Ailton Aquino, said on Nov. 10, Livecoins reported. The finding puts part of the 120-company applicant list at risk of rejection.

Aquino spoke at the ABRACAM Speech 2026 event in São Paulo. He also said many firms did not submit audited financial statements with their applications, as the regulation requires, according to Livecoins. He did not say which companies fall short.

Of the 120 applications on the central bank’s list, 119 were under review and one had already been rejected, Brazilian outlet BitNotícias reported. The outlet said Aquino did not say how many applications could be turned down because of the capital shortfalls.

The applications come from virtual asset service providers that were already operating when Brazil’s new crypto rules took effect. Their filing deadline was Oct. 30, and the central bank published the list of 120 applicants on Nov. 6, Bitcoin.com News reported.

Under Joint Resolution 14, issued by the central bank and the National Monetary Council, crypto brokers and intermediaries must hold at least 37.2 million reais in share capital and custodians 18.3 million reais, Livecoins reported. Bitcoin.com News put the top requirement at about $7.2 million.

BitNotícias said reference values range from 10.8 million to 37.2 million reais, depending on the activities a firm carries out, such as brokerage or custody. The central bank is also publishing the names of applicants’ executives so the public can raise objections, Brazilian newsletter Carta Circular reported.

Rejections and Exits

Firms that miss the rules face refusal of their license and must close their operations, according to Livecoins. Several companies have already left the Brazilian market as the regime took shape, including Bitnuvem, NovaDAX, Digitra and Coinext, Bitcoin.com News reported, citing earlier reports.

João Paulo Oliveira, founder of crypto payments firm NoxPay, expects heavy cuts. “Judging by the tone of his talk, I think half of the 120 VASPs on the list are going to get rejected in this first round,” he wrote on X, as quoted by Bitcoin.com News.

Some observers suspect firms filed flawed applications to buy time, because companies that did not apply have been cut off from bank services since Nov. 6, Bitcoin.com News reported. Firms that did not apply must wind down their operations by Nov. 30.

Under Resolution BCB 519, the review of existing firms has two phases. The first checks minimum capital, proof of activity and the reputation of controlling shareholders; the second covers economic viability, technology and governance, BitNotícias reported.

Brazil already leads South America in crypto transaction volume, as CoinReporter reported earlier this year, so the outcome will shape how many licensed exchanges Brazilian users can choose from.

Crypto

Nvidia Names Colette Kress Interim CEO After Jensen Huang Resigns

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Nvidia Names Colette Kress Interim CEO After Jensen Huang Resigns

Key takeaways

  • Nvidia’s board accepted Jensen Huang’s resignation as president, chief executive and a director on Nov. 11, effective immediately, and named Chief Financial Officer Colette Kress as interim CEO.
  • Nvidia shares closed down 4.3% on Thursday after falling more than 13% at the open, according to CNBC.
  • Bitcoin traded as low as $71,200 on Thursday, The Block reported, and fell further below $70,000 on Friday.

Nvidia’s board accepted Jensen Huang’s resignation as president, chief executive and a director on Nov. 11 and named Chief Financial Officer Colette Kress interim CEO, the company said on Nov. 12. Shares closed down 4.3%, according to CNBC, as bitcoin also fell.

In an official announcement, Nvidia said Kress, its executive vice president and chief financial officer since 2013, will keep those roles while she serves as interim chief executive. The board said it has begun a search for a permanent successor and will consider both internal and external candidates.

The board also appointed longtime director Harvey C. Jones as its first chair. An SEC filing dated Nov. 12 said Jones, 73, has served on the board since 1993 and is managing partner of Square Wave Ventures. The filing said the board accepted the resignation of Jen-Hsun Huang, Huang’s legal name, effective immediately.

“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” Jones said in the company’s statement. He added that the board has “full confidence in Colette and the leadership team” and expects operations, customer commitments and the product roadmap “to continue without interruption.”

“NVIDIA’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” Kress said. She said the company would keep serving its customers, partners, developers and shareholders.

Nvidia’s announcement and its filing did not give a reason for the resignation. Reuters and The Associated Press reported that Huang stepped down after revelations of extramarital affairs, including one involving a woman U.S. authorities suspect of spying for China.

Shares Slide, and Crypto Follows

CNBC said Nvidia shares plunged more than 13% at the open on Thursday, hitting a 52-week low early in the session, before finishing 4.3% lower. The network said the stock had been on track to close below a $4 trillion market value for the first time since July 2025, then rose just above that mark into the close.

Reuters reported the same 4.3% decline at the close, with a 1% bounce in after-hours trading, and said shares of rivals Advanced Micro Devices and Broadcom each rose about 6%.

Bitcoin fell to as low as $71,200 on Thursday, its weakest level in nearly 12 weeks, and was down 3.4% at $71,600 when The Block published. Ether, Solana and XRP each declined more than 3.5% over 24 hours. More than $750 million in crypto positions were liquidated, including over $634 million in long positions, according to CoinGlass data cited by The Block.

The selling continued into Friday, when bitcoin fell below $70,000 and liquidations reached $1.47 billion, CoinReporter reported, with Nvidia’s leadership change cited among the pressures on the market. A hotter-than-expected October inflation reading earlier in the week had already raised bets on a larger Federal Reserve rate increase in December.

Nvidia said it will report fiscal third-quarter 2027 results on Tuesday, Nov. 17, as previously scheduled, followed by an earnings call. The company did not give a timetable for naming a permanent chief executive.

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