Brazil’s central bank has set capital requirements of up to 37.2 million reais, or about $7.2 million, for cryptocurrency exchanges. Of the estimated 200 to 300 virtual-asset service providers operating in the country, only 10 to 25 are considered capable of applying for authorization, with about 10 ultimately expected to receive licenses. Around 290 platforms could leave the market under the new framework. Firms must submit applications by Oct. 30, while those that do not apply must wind down their operations within 30 days. Bitnuvem, NovaDAX and several other platforms have announced restructuring or plans to suspend retail services, although they have not attributed those decisions to the new rules.