According to CoinMeta, the number of companies entering the Brazilian cryptocurrency industry during the new licensing application process is far lower than expected. As of October 30th, only about 40 institutions had submitted applications. Based on the assessment by Brazilian law firms Panucci, Severo, and Nebias Advogados ( PSNA ), this figure is significantly lower than the market's earlier expectation of 150 to 200 companies. As of October 29th, public information indicated that approximately 40 institutions were involved in licensing applications, notifications, or other related activities, including international exchanges, banks, payment fintech companies, and the operator of the Brazilian Stock Exchange, B3. Companies that failed to submit their applications by the deadline have 30 days to cease their operations, while financial institutions will face additional restrictions on unauthorized crypto providers after November 6th.