Melhores Advogados de Fintech em Brasil

About Fintech Law in Brazil

Fintech law in Brazil governs a broad ecosystem that combines technology with financial services. It covers payments, lending, digital wallets, crowdfunding, and data driven financial services. The regulatory framework is shaped by the Banco Central do Brasil (BCB), the Comissão de Valores Mobiliários (CVM), and data protection rules enacted by the federal government.

Key regulatory themes include licensing and supervision of payment service providers, data privacy and processing, anti money laundering obligations, and the enablement of data sharing through Open Banking. Brazil also uses a regulatory sandbox approach to test new products in a controlled environment. This blend of rules creates opportunities for innovation while ensuring consumer protection and financial system stability.

In addition to licensing and data rules, Brazil has adopted the Marco Legal das Startups to streamline certain regulatory processes for new tech ventures. Public policy efforts continue to evolve, with ongoing updates to data protection, payments regulation, and data sharing standards. This means fintechs must maintain compliance awareness as rules shift over time.

“Open Banking is a central pillar of Brazil's fintech regulation, enabling secure data sharing while protecting consumer consent.”

“Brazil's General Data Protection Law defines how personal data can be collected, stored and processed by organizations.”

Why You May Need a Lawyer

• Lending platform launch - If you plan to operate a peer to peer or digital lending platform, you need counsel to determine whether you require a payment institution license or other authorization and to design compliant underwriting, risk, and disclosure practices.
• Open Banking data sharing - When building APIs that access customer data, you must align with consent requirements, data minimization, and security standards set by the Central Bank and data protection laws.
• Data protection and processing - LGPD compliance for collection, storage, re use and transfer of personal data is essential, including data processing agreements with third parties and cross border transfer controls.
• Anti money laundering obligations - Fintechs must implement AML controls, customer due diligence and suspicious activity reporting to authorities, especially for payment, onboarding and investment activities.
• Regulatory licensing and supervision - Some fintech activities require authorization from the Central Bank or CVM, depending on whether you process payments, issue electronic money, or offer investment services.
• Cross border operations - If your services involve foreign entities or data transfers across borders, you must address Brazilian regulatory requirements and data localization considerations.

Local Laws Overview

• Lei Geral de Proteção de Dados Pessoais (LGPD) - Law 13.709/2018 - Governs how personal data may be collected, stored, processed and shared in Brazil. It imposes duties on lawful bases for processing, data subject rights, and penalties for non compliance. Effective enforcement began in 2020, with evolving guidance from authorities since then.
• Regulamentação de Open Banking pelo Banco Central do Brasil - Framework that enables secure sharing of financial data with consent, aiming to increase competition and consumer choice. Phases of implementation began in 2020 and continue with updates to participant requirements and API standards.
• Marco Legal das Startups - Lei Complementar 182/2021 - Creates a simplified and clearer environment for startup ventures, including fintechs, with priority given to innovation and faster regulatory processes where feasible.
• Lei de Crimes de Lavagem de Dinheiro - Lei 9.613/1998 (as amended) - Establishes criminal penalties and compliance requirements for money laundering, including reporting obligations for financial service providers and related entities.

The Brazilian system relies on a mix of federal laws and regulatory circulars or resolutions issued by supervisory agencies. For fintechs, the most relevant bodies are the Banco Central do Brasil, the CVM and the data protection authority under LGPD. Open Banking is a live regulatory program that impacts how you design APIs, consent flows and data security.

“Open Banking regulations are designed to promote competition while ensuring consumer data rights and robust security standards.”

Frequently Asked Questions

What is Fintech law in Brazil and who enforces it?

Fintech law encompasses regulations on payments, lending, data protection, and market conduct. Enforcement comes from the Banco Central do Brasil, CVM, and the data protection authority under LGPD.

How do I know if my fintech needs a license in Brazil?

Licensing depends on the activity: payment institutions and electronic money issuers require authorization from the Central Bank; investment related services may require CVM approval or oversight.

What is LGPD and how does it affect fintechs in practice?

LGPD governs personal data processing, consent, data subject rights and cross border transfers. Fintechs must implement data governance, security measures and contracts with processors.

How much does legal help for a fintech typically cost in Brazil?

Costs vary by complexity and region, but initial consultations range from a few hundred to a few thousand BRL, with ongoing advisory work priced as retainers or hourly rates.

How long does it take to obtain a banking or payments license in Brazil?

Approval times depend on the activity and regulator load, but licensing could take several months to a year or more, depending on concentration of checks and completeness of documents.

Do I need a Brazilian legal entity to operate a fintech here?

Yes, most regulated activities require a Brazilian entity, local executives, and local registered address for regulatory compliance and tax purposes.

What is the difference between a payment institution and a financial institution?

A payment institution primarily processes payments and transfers; a financial institution may engage in broader activities such as lending, asset management or investment services and often faces stricter supervision.

How do I handle data sharing with third parties under Open Banking?

Prepare data sharing agreements, establish robust consent management, and implement API security, audit trails and privacy by design in line with BC B open banking standards.

Can a foreign fintech operate in Brazil, and what steps are needed?

Foreign entities may operate through local subsidiaries or branches and must comply with Brazilian licensing, tax, and data protection rules, including local directors and AML controls.

What is the regulatory sandbox and should my project apply?

The sandbox allows testing with regulatory oversight under defined conditions. If your product involves new tech or business models, applying can help de risk and speed up regulatory feedback.

When should I engage a fintech lawyer in Brazil?

Engage early in product planning to map licenses, data flows, and AML obligations, and again before filing applications or negotiating key vendor contracts.

Is there a streamlined path for startups, including tax or licensing incentives?

Yes, the Marco Legal das Startups offers mechanisms to simplify certain procedures for innovative companies, though eligibility and specifics vary by case.

Additional Resources

• Banco Central do Brasil (BCB) - Regulates payments, open banking and financial system stability. Official site with regulatory guidance and supervisory notices. https://www.bcb.gov.br
• Comissão de Valores Mobiliários (CVM) - Oversees investment services, asset management and capital markets activities including fintechs offering securities or investment products. https://www.cvm.gov.br
• Lei Geral de Proteção de Dados Pessoais (LGPD) - Lei 13.709/2018 - Official text and guidance for data protection in Brazil. Planalto - Lei 13.709/2018

Next Steps

1. Define your business model and regulatory scope - Clarify if you will operate as a payments provider, lending platform, or investment service to determine licensing needs. Aim for a one page regulatory map within 2 weeks.
2. Assemble core documents and a regulatory checklist - Gather corporate documents, a high level data flow diagram, vendor contracts, and risk controls for AML and privacy. Complete within 2-3 weeks.
3. Consult a specialized fintech lawyer - Engage a Brazilian attorney with experience in BCB, CVM and LGPD matters to validate licensing paths and contract templates. Schedule a kickoff within 1 week of decision.
4. Perform a regulatory gap analysis - Have your counsel compare current practices to applicable rules, including Open Banking readiness and data processing obligations. Expect 2-4 weeks for a comprehensive report.
5. Prepare and submit license applications, if required - Your lawyer should draft and organize all required forms, disclosures, and governance documents. Expect months for approval depending on regulator workload.
6. Build compliant data governance and security measures - Implement privacy by design, DPA templates, vendor risk management, and incident response plans in line with LGPD and Open Banking standards. Ongoing.
7. Establish ongoing compliance monitoring - Schedule regular audits, training, and updates for regulatory changes. Plan quarterly reviews with legal counsel.