Brazilian fintech Méliuz has taken steps toward adopting Bitcoin as a primary treasury asset. In March 2025, the company allocated 10% of its cash reserves, about $4.1 million, to purchase 45.72 bitcoins at an average price of $90,926 per coin, becoming the first publicly traded Brazilian firm to adopt a Bitcoin treasury strategy. The move, approved by its board, aims for long-term returns, with Méliuz viewing Bitcoin as a store of value to counter Brazil’s high inflation and interest rates (13.75% benchmark). A Bitcoin Strategic Committee was formed to explore further expansion, potentially making Bitcoin the main treasury asset.
Méliuz announced plans to deepen this strategy, calling a shareholder meeting for May 6, 2025, to vote on amending its corporate purpose to include Bitcoin investments. If approved, Bitcoin could become the primary strategic asset in its treasury, with shareholders able to seek reimbursement at R$3.93 per share if they oppose the change. The market has responded positively, with shares rising 16-25% after initial announcements. Méliuz’s leadership, inspired by firms like MicroStrategy, cites Bitcoin’s historical 77% annual appreciation in USD over the past decade and Brazil’s crypto-friendly environment, where 12% of the population owns digital assets.
However, the strategy carries risks due to Bitcoin’s volatility and regulatory uncertainties, especially after Brazil’s central bank considered banning stablecoin transfers to self-custodial wallets in February 2025. Analysts, like those at XP, caution that this move may not align with Méliuz’s core cashback and financial services business, potentially diverting focus from operational goals.
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Brazil has developed a progressive regulatory framework for cryptocurrencies, balancing innovation with oversight to foster adoption while addressing risks like fraud and money laundering. Below is an overview of the current state of crypto regulations in Brazil as of April 2025. Enacted in December 2022 and effective since June 20, 2023, this law provides the legal foundation for regulating virtual assets and Virtual Asset Service Providers (VASPs) in Brazil. It defines virtual assets as digital representations of value that can be traded or transferred electronically for payments or investments, excluding fiat currencies, securities, and financial assets under existing regulations.
Decree No. 11,563/2023: Designates the Central Bank of Brazil (Banco Central do Brasil, BCB) as the primary regulator for VASPs and non-security virtual assets, while the Brazilian Securities and Exchange Commission (CVM) oversees assets classified as securities. VASPs, including exchanges, custodians, and trading intermediaries, must obtain BCB authorization to operate. The law mandates adherence to guidelines such as: Anti-money laundering (AML) and counter-terrorism financing (CTF) measures aligned with international standards (e.g., Financial Action Task Force recommendations).
The BCB is adopting a phased approach to finalize detailed regulations, with proposals expected by the end of 2024 and full implementation targeted for early 2025. Public consultations (December 2023–January 2024 and planned for mid-2025) are shaping rules on asset segregation, stablecoin regulation, and operational norms. VASPs have a six-month grace period post-regulation to comply. In October 2024, BCB Governor Roberto Campos Neto announced plans to regulate stablecoins and asset tokenization in 2025, citing their growing use for payments and concerns over tax evasion and illicit activities.
Brazil, as a FATF member, has not yet implemented the Travel Rule for crypto transactions, though it was discussed in public consultations (e.g., Question 30 in the January 2024 consultation). Crypto transactions (selling for fiat, trading, or using for goods/services) are subject to capital gains tax, with progressive rates of 15% to 22.5% based on annual gains. Costs like fees can reduce the taxable amount. Crypto received from mining or as payment for services is taxed as regular income at 7.5% to 27.5%.
Import taxes on SHA256-based mining equipment (e.g., Bitcoin miners) are temporarily reduced to zero until December 31, 2025, following IMF recommendations classifying crypto mining as a productive process. The Brazilian Real (BRL) is the sole legal tender. Cryptocurrencies are classified as movable property or assets, not currency, under the Brazilian Civil Code. They can be used for payments if accepted privately but lack legal tender status.
The Virtual Assets Law amended the Penal Code to introduce specific penalties for crypto-related fraud, with imprisonment of 4–8 years and fines. Money laundering and financial system crimes involving crypto are also penalized. In April 2025, Brazil’s National High Court ruled that cryptocurrencies can be seized to settle debts, reinforcing their legal status as assets. A bill to create a national Bitcoin strategic reserve was dismissed by the BCB in April 2025, and pension funds are prohibited from investing in cryptocurrencies, indicating regulatory caution.
Méliuz’s move to allocate 10% of its treasury to Bitcoin and propose it as a primary asset reflects growing corporate confidence in crypto, supported by Brazil’s regulatory clarity. However, the BCB’s February 2025 consideration of banning stablecoin transfers to self-custodial wallets raised concerns about restrictive policies. Detailed VASP regulations are still pending, creating uncertainty. The BCB’s delay in finalizing rules (from June 2024 to 2025) reflects the complexity of regulating a decentralized market.
The BCB’s focus on stablecoins for tax evasion and illicit use could lead to restrictive measures, potentially impacting Méliuz’s Bitcoin strategy if broader crypto policies tighten. Analysts warn that Méliuz’s Bitcoin treasury strategy may expose it to market volatility and divert attention from its core fintech operations, a concern echoed in broader regulatory debates about crypto’s role in financial systems.
Brazil’s crypto regulations, centered on Law No. 14,478/2022, create a structured yet evolving framework that supports adoption while prioritizing AML/CTF and consumer protection. The BCB’s phased approach and upcoming stablecoin rules signal a cautious but proactive stance. For Méliuz, the regulatory environment offers legal clarity for its Bitcoin treasury strategy, but pending stablecoin restrictions and market volatility pose risks. The shareholder vote on May 6, 2025, will be a key indicator of corporate confidence in Brazil’s crypto landscape.