On June 24, 2025, the Central Bank of Brazil (“Bacen”) published Public Consultation No. 122/2025, with regulatory proposals aimed at the accounting of virtual assets by financial institutions authorized to operate by the agency. The aim is to align the accounting treatment of these assets with the best national and international practices, promoting greater transparency, comprehensibility and comparability of financial information.

The draft under consultation establishes criteria for the recognition, mensuration, write-off and accounting disclosure of cryptoassets and tokens. According to the proposal, cryptoassets acquired through purchase, mining, staking or other means should be recognized at the amount effectively paid or, when applicable, at the fair value of the transaction. Assets received free of charge, such as in the case of airdrops, must be recorded at fair value on the date of receipt.

For subsequent measurement, it is proposed that most virtual assets be revalued monthly based on their fair value, reflecting market fluctuations. However, non-fungible tokens (“NFTs”) and utility tokens, due to their lower liquidity and specific nature, would be measured based on historical cost, adjusted for impairment losses, with the aim of mitigating accounting volatility.

The draft also addresses the accounting treatment for crypto-assets held in custody. These assets must be recorded in memorandum accounts at fair value, with monthly remeasurement. If the institution uses the assets for its own benefit, it will be required to recognize a corresponding liability, ensuring transparency regarding the ownership of the assets.

Another relevant point concerns the disclosure requirements in explanatory notes. Institutions will be required to provide detailed information on the accounting policies adopted, the fluctuation in asset values, the quantity and nature of the crypto-assets held, as well as the markets in which they are traded.

Suggestions and comments can be submitted to Bacen until August 24, 2025. This is a strategic opportunity for regulated institutions, fintechs and other market participants to contribute to improving the accounting framework applicable to crypto-assets in Brazil. Companies impacted or interested in operating with digital assets should assess the potential impacts and, if necessary, adjust their internal processes now.

VPBG has a specialized team available to support this analysis and to assist with any contributions to the public consultation.