Banco Central do Brasil approved new rules for the Electronic Foreign Exchange (eFX) international payments service, tightening requirements for operators and explicitly banning the use of digital assets in settlements.
Banco Central do Brasil (BCB) clarified the procedures for cross-border transactions and the requirements for market participants within Brazil’s eFX international payments and transfer system. In particular, the updated Resolution No. 277 introduces limits on individual transaction amounts, strengthens oversight of eFX providers, and mandates the use of traditional financial infrastructure for settlements.
Under the new rules, all settlements between eFX providers and their foreign counterparties must be conducted exclusively through foreign exchange transactions or via non-resident accounts denominated in Brazilian reais. The use of digital assets in such transactions is explicitly prohibited. This provision applies to all types of operations, including transfers, refunds, and service payments.
The regulator also clarified the list of permitted operations within eFX. Specifically, the limit for individual transactions without integration with e-commerce platforms is set at $10,000. The same limit applies to transfers related to investments in financial and securities markets. At the same time, cash withdrawal operations are allowed both domestically and abroad.
Meanwhile, the range of market participants was expanded. Banks, payment institutions, brokers, e-money issuers, and payment instrument operators will be allowed to provide eFX services, even without a foreign exchange license. To begin operations, they must be registered in the Unicad registry at least five business days before launching the service.
The new rules also strengthen compliance requirements. Providers must carry out KYC procedures for foreign counterparties, while servicing banks must ensure that transactions match the client’s profile. All eFX transaction data must be stored for ten years.
The document also details procedures for funding and withdrawals. Account top-ups are allowed via bank accounts, Pix, or payment documents, while the use of prepaid instruments is limited to 1,000 Brazilian reais without the possibility of reloading or cash withdrawal. Payouts to recipients must be made exclusively to accounts held with regulated financial institutions.
Moreover, mandatory reporting of eFX transactions through the foreign exchange control system is introduced. Relevant data must be submitted to BCB on a monthly basis, no later than the tenth day of the following month.
The changes will come into force on October 1, 2026. Existing providers must register their activities in Unicad by October 30, 2026, while companies outside the approved list must apply for a payment institution license by May 31, 2027. Otherwise, they must cease operations within 30 days of a denial or expiration of the application deadline.
At the end of 2025, BCB approved regulations for the digital asset market, establishing standards for licensing, supervision, and crypto operations.
