Brazil Bars Crypto Settlement in Regulated Cross-Border Payments, Sets 2027 Deadline for eFX Firms

Context The eFX framework covers companies that process international payments and transfers under BCB supervision. Resolution BCB No. 561, published Thursday, mandates that all eFX receipts and payments must occur via foreign‑exchange transactions or movements in non‑resident Brazilian real accounts, eliminating the option to settle with crypto or stablecoins. The BCB says the change keeps cross‑border flows within supervised FX rails and does not constitute a blanket ban on crypto transfers outside the eFX channel.

Key Facts BCB Governor Gabriel Galipolo noted that crypto use has surged over the past two‑to‑three years, with about 90% of those flows tied to stablecoins such as USDT and USDC. USDT’s market capitalization stands at approximately $83.2 billion, while USDC is near $28.5 billion. Bitcoin (BTC) traded around $27,800, and the Brazilian real (BRL/USD) hovered near 5.12. Following the announcement, StoneCo (STNE) slipped 3.2% to $23.40, trimming its market cap to about $7.1 billion, and PagSeguro (PAGS) fell 2.8% to $18.90, reducing its valuation to roughly $5.6 billion.

What It Means Providers already licensed under eFX must continue settling through traditional FX channels, while newcomers have a three‑year window to gain approval but cannot use virtual assets for any transaction. The restriction may push firms to rely more on bank‑mediated FX or develop alternative compliance tools, potentially raising operational costs. Investors should watch for authorization applications before the May 2027 deadline and any subsequent BCB guidance on stablecoin issuers operating outside its perimeter.

Watch next: the volume of eFX authorization requests submitted to the BCB and how stablecoin‑focused fintechs adjust their cross‑border payment models in response to the new rule.