The application period for virtual asset service provider licenses in Brazil has ended, with only about 40 companies submitting applications.

PANews November 2 news, according to Bitcoin News, the Central Bank of Brazil had previously set a deadline for virtual asset service providers (VASPs) to apply to continue operating in Brazil, and that deadline has now ended. Of an estimated 150 to 200 cryptocurrency companies, only about 40 submitted applications to continue operating and committed to complying with the central bank's regulatory requirements. Companies that submitted applications may continue operating while the central bank reviews them; companies that did not submit applications must, within one month after the October 30 deadline, orderly liquidate their businesses and exit the market.

Starting November 6, banks will block transactions related to unlicensed cryptocurrency companies, thereby cutting off these companies' access to fiat currency services. Although more companies may still apply for operating licenses in Brazil in the future, the Central Bank of Brazil's review period for applications may last up to 2 years.