According to CoinMeta, as reported by bitcoincom, the Brazilian Central Bank's new regulations require virtual asset service providers (VASP) to meet higher capital and compliance requirements. Some companies are required to have up to 37.2 million reais (approximately 7.2 million US dollars) in capital. Currently, among the approximately 300 VASP in Brazil, only 20 to 25 have the qualifications to apply for operating licenses, and it is estimated that only about 10 will ultimately be granted licenses. Relevant companies must submit their applications by October 30th. Those who do not apply will have 30 days to gradually cease operations. bitnuvem, novadax, digitra, and coinext have announced the termination or restructuring of their retail businesses, but this has not been explicitly attributed to the aforementioned regulations.