We are a full-service law firm that advises domestic and international companies across a wide range of industries. Our practice combines business acumen, agility, and excellence, delivering personalized and responsive service while keeping clients at the center of every decision.

Lobo de Rizzo

On March 17, 2026, Law No. 15,211/2025, known as the Digital ECA, came into effect, regulating the protection of the rights of children and adolescents in the digital environment. The new legislation establishes relevant obligations for companies that offer digital products or services intended for or likely to be accessed by children and adolescents.<h2>Who is subject to the rules of the Digital ECA?</h2>Among the main regulated entities are:•&nbsp;&nbsp;&nbsp;&nbsp;App stores •&nbsp;&nbsp;&nbsp;&nbsp;Video games and gaming platforms •&nbsp;&nbsp;&nbsp;&nbsp;Social media •&nbsp;&nbsp;&nbsp;&nbsp;Video platforms<h2>What are the main obligations set forth?</h2>The Digital ECA imposes a series of obligations on regulated entities, including:•&nbsp;&nbsp;&nbsp;&nbsp;Adoption of reliable age verification mechanisms •&nbsp;&nbsp;&nbsp;&nbsp;Implementation of parental control tools •&nbsp;&nbsp;&nbsp;&nbsp;Providing accessible and effective reporting channels •&nbsp;&nbsp;&nbsp;&nbsp;Prohibition of the use of loot boxes targeted at children and adolescents •&nbsp;&nbsp;&nbsp;&nbsp;Adoption of measures to prevent excessive or compulsive use of digital products and services •&nbsp;&nbsp;&nbsp;&nbsp;Prohibition of profiling practices targeting children and adolescents<h2>What are the risks of non-compliance?</h2>Failure to comply with the requirements of the Digital ECA may result in administrative, civil, and criminal penalties, including:•&nbsp;&nbsp;&nbsp;&nbsp;Formal warnings. •&nbsp;&nbsp;&nbsp;&nbsp;Fines of up to 10% of revenue or up to R$ 50 million per violation. •&nbsp;&nbsp;&nbsp;&nbsp;Temporary suspension of activities. •&nbsp;&nbsp;&nbsp;&nbsp;Prohibition from conducting certain operations.<h2>Recent regulatory updates</h2>Following the law’s entry into force, regulations and guidelines detailing its practical application were published:<h3><a target="_blank" rel="noopener noreferrer" href="https://www2.camara.leg.br/legin/fed/decret/2026/decreto-12880-18-marco-2026-798813-publicacaooriginal-178481-pe.html">Decree No. 12,880/2026</a></h3>Establishes, in a clearer and more practical manner, the obligations already present in the Digital ECA.<h3><a target="_blank" rel="noopener noreferrer" href="https://www.gov.br/anpd/pt-br/assuntos/eca-digital/mecanismos-confiaveis-de-afericao-de-idade-orientacoes-preliminares.pdf/view">Preliminary Guidelines “Reliable Age Verification Mechanisms”</a></h3>Document published by the ANPD on March 20, 2026, to provide regulated entities with preliminary guidance on reliable age verification mechanisms.<h3><a target="_blank" rel="noopener noreferrer" href="https://www.in.gov.br/en/web/dou/-/despacho-decisorio-cd/anpd-n-35/2026-694427648">Decision Order CD/ANPD No. 35/2026</a></h3>Schedule defining the implementation and enforcement phases for age verification solutions.<h2>Recommendations</h2>The Digital ECA ushers in a new way for companies to operate in the digital environment, reaffirming the comprehensive and priority protection of children and adolescents. Thus, the market must adapt to its requirements, making this the time to establish risk mitigation measures and review existing practices.The goal is to immediately begin implementing measures that demonstrate diligence in seeking compliance with the law and combating violations, even before the end of each phase of the timeline. This is because, with the law already in effect, the early adoption of measures helps provide greater legal certainty for the company, especially in the face of potential inquiries from authorities.Lobo de Rizzo’s <a href="mailto:pi@ldr.com.br" target="_blank" rel="noopener noreferrer">Intellectual Property, Technology and Data Protection</a> team is available to advise clients on adapting to the new requirements of the Digital ECA.

Digital ECA in Effect: What Changes for Technology Companies

<h2>New address expands capacity and strengthens integration of Rio operations with São Paulo headquarters</h2>Rio de Janeiro has established itself as one of the most dynamic markets for the Brazilian corporate legal sector, driven by investments in large-scale projects and highly regulated production chains. It is in this context that Lobo de Rizzo, a full-service law firm that acts as a strategic partner to national and international companies, is strengthening its presence in the state with a new address. The goal is to evolve its operations in the region in line with its national expansion plan.The investment in the new office, located in Leblon, with a total area of 300m², symbolizes this commitment. The space was designed to accommodate approximately 70% more professionals than the previous address, responding to increased demand in the state and integration with Lobo de Rizzo's headquarters in São Paulo, which involves frequent travel by partners and teams. The new configuration also reinforces the office's ability to operate in a coordinated and multidisciplinary manner in Rio, accompanying the strengthening of fronts such as <a target="_blank" rel="noopener noreferrer" href="https://www.ldr.com.br/en/practice-areas/oil-and-gas/">Oil and Gas</a>, <a target="_blank" rel="noopener noreferrer" href="https://www.ldr.com.br/en/practice-areas/power/">Power</a>, and <a target="_blank" rel="noopener noreferrer" href="https://www.ldr.com.br/en/practice-areas/infrastructure/">Infrastructure</a>.The consolidation of Lobo de Rizzo in Rio de Janeiro reflects a long-term vision and a deep understanding of the local market and the complex regulatory environment surrounding large projects. This strategic transition began in December 2023, under the management of managing partner Marcelo Bez Debatin da Silveira, who began to lead the development of a business model focused on substantive opportunities in the productive sectors of the Rio de Janeiro region.In 2025, the firm incorporated four new partners with multidisciplinary expertise in the Oil and Gas, Power, and Infrastructure sectors. Two of them, Thiago Luiz Silva and Loan Reis, are based in Rio de Janeiro. An expert in oil and gas, low-carbon hydrogen, and offshore wind power, Thiago brings two decades of solid experience in the industry and is based in Rio de Janeiro as one of the local leaders of this expansion cycle. Loan, with outstanding experience in Labor Law, adds expertise in advising O&amp;G and maritime industry companies, focusing on labor relations, collective bargaining, and litigation, supporting risk mitigation and strategic solutions for people management.<h2>Vision</h2>Lobo de Rizzo's plans for Rio de Janeiro include continuing to invest in attracting and retaining talent and strengthening a multidisciplinary team, in line with the profile of demands concentrated in the market - especially in Oil and Gas, Power, and Infrastructure. In this context, the firm seeks to bring in professionals with experience and relationships with relevant entities in these and other sectors as client needs evolve.This move is not simply a geographical expansion, but rather a consolidation based on a purpose: to be present in the decision-making centers of the Brazilian economy with an integrated, high value-added service offering, capable of handling everything from complex corporate transactions to sophisticated regulatory disputes.Lobo de Rizzo's trajectory in the Rio de Janeiro territory began in 2008, with the creation of a dedicated team to meet the specific demands of large clients, with its first business being a merger and acquisition involving important players in the steel industry. This case represented the starting point for a broader strategy in Rio de Janeiro.

With an expanded structure, Lobo de Rizzo reinforces its multidisciplinary practice in Rio de Janeiro

On November 10, 2025, the Central Bank of Brazil (“BCB”) released Resolutions BCB Nos. 519, 520, and 521, creating Brazil’s first comprehensive regulatory framework for virtual asset service providers. The new rules stem from the BCB’s ongoing dialogue with market participants following the enactment of Law No. 14,478 of December 21, 2022, which granted the BCB regulatory authority over virtual asset activities, and from the review of more than one thousand submissions received during Public Consultations Nos. 109, 110, and 111 (the “Public Consultations”). This new framework officially brings crypto-asset operations into the Brazilian Financial System, introducing licensing requirements, operational standards, and compliance obligations similar to those applicable to financial institutions, payment institutions, and foreign-exchange market participants.Our team followed the BCB’s press conference¹ and prepared this alert with the key highlights:1.&nbsp;&nbsp;&nbsp;&nbsp;Concepts applicable to virtual asset services and entities; 2.&nbsp;&nbsp;&nbsp;&nbsp;The authorization process for virtual asset service providers; 3.&nbsp;&nbsp;&nbsp;&nbsp;The treatment of virtual assets under Brazil’s foreign-exchange framework; and 4.&nbsp;&nbsp;&nbsp;&nbsp;Other relevant provisions introduced by the BCB Resolutions.¹The press conference was broadcast live on YouTube, available at <a target="_blank" rel="noopener noreferrer" href="https://www.youtube.com/live">this link</a>.<h2>1.&nbsp;&nbsp;&nbsp;&nbsp;REGULATORY DEFINITIONS OF ENTITIES AND SERVICES</h2><figure class="table"><table><tbody><tr><td style="background-color:#1eaa1e;">Concept</td><td style="background-color:#1eaa1e;">Regulatory Definition</td></tr><tr><td>Virtual Assets</td><td>Digital representation of value that can be traded or transferred electronically and used for making payments or for investment purposes.²</td></tr><tr><td>Virtual Asset Services</td><td>• Intermediation (purchase, sale, or exchange on behalf of third parties); and&nbsp;• Custody.</td></tr><tr><td>Virtual Asset Service Providers (“VASPs”)</td><td>• Virtual Asset Service Provider Companies (“VASPCs”), which operate exclusively in the virtual-asset segment (brokerage, custody or combination of both); or• Institutions already licensed that conduct virtual-asset activities.</td></tr><tr><td>Virtual Asset Market Makers</td><td>Institutions or entities acting on their own account (under contract with a VASP), continuously posting buy and sell offers within the VASP’s trading environment to promote liquidity.</td></tr><tr><td>Virtual Asset Liquidity Providers</td><td>Institutions acting on their own account, primarily dealing with institutional investors and VASPs, to provide market liquidity.</td></tr><tr><td>Relevant Services</td><td>Custody, liquidity provision, and technology services directly related to virtual asset activities that may affect the VASP’s performance or clients’ rights.</td></tr></tbody></table></figure>²Law No. 14,478/2022 is applied exclusively to virtual assets used for payment or investment purposes, and does not cover fiat currency, electronic money (such as credit cards or prepaid accounts), utility tokens, or securities.&nbsp;<h2>2.&nbsp;&nbsp;&nbsp;&nbsp;AUTHORIZATION PROCESS</h2>FOR NEW ENTRANTS:Entities planning to start virtual asset services after the new rules take effect (February 2, 2026) must obtain authorization from the BCB.Key authorization requirements include:a. Demonstration of financial and economic capacity of controlling shareholders, including lawful origin and sufficiency of funds;b. IT infrastructure adequate to the size, complexity, and risk profile of custody and intermediation activities;c. Fit-and-proper assessment of officers, controlling shareholders, and senior management;d. Corporate governance framework, including compliance, risk management, AML/CFT, and cybersecurity policies; ande. Dedicated physical headquarters, prohibiting the use of shared offices or virtual addresses.Minimum capital requirement: between BRL 10.8 million and BRL 37.2 million, depending on the range of activities to be performed.&nbsp;FOR EXISTING ENTITIES:Active VASPs must submit their licensing applications by November 2027 ³<img src="https://api-ldr.prod.olivasdigital.com/uploads/carol_f79f216ced.png" alt="carol.png" srcset="https://api-ldr.prod.olivasdigital.com/uploads/thumbnail_carol_f79f216ced.png 245w,https://api-ldr.prod.olivasdigital.com/uploads/small_carol_f79f216ced.png 500w,https://api-ldr.prod.olivasdigital.com/uploads/medium_carol_f79f216ced.png 750w,https://api-ldr.prod.olivasdigital.com/uploads/large_carol_f79f216ced.png 1000w," sizes="100vw" width="3772" height="1917">³The deadline is 270 days (nine months) from February 2, 2026, the effective date of BCB Resolutions 519 and 520.&nbsp;VASPs applying within the deadline can keep operating while awaiting BCB’s decision but cannot add new services during this period.If the application is rejected or archived, the entity must cease operations within 30 days.&nbsp;FOR FOREIGN ENTITIESForeign VASPs offering services in Brazil will have 270 days to either:A. Incorporate a local entity and seek authorization; OR B. Transfer their operations and client base to an already licensed institution in Brazil.FOR OTHER LICENSED INSTITUTIONSOther institutions already authorized by the BCB, namely: (I) commercial, multiple, investment, and foreign-exchange banks, and (II) broker-dealers and distributors (CTVMs and DTVMs), are eligible to provide virtual-asset intermediation and custody services.&nbsp;<span style="color:rgb(30,169,30);font-family:nexa, &quot;nexa Fallback&quot;, ui-sans-serif, system-ui, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;;font-size:18px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">➜ &nbsp;Institutions not yet active in the virtual-asset market must notify the BCB of their intent and may only begin operations 90 days after such formal notice.&nbsp;<span style="color:rgb(30,169,30);font-family:nexa, &quot;nexa Fallback&quot;, ui-sans-serif, system-ui, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;;font-size:18px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">➜ &nbsp;Institutions already engaged in such activities must formally notify the BCB within 270 days from February 2, 2026.<h2>3. FOREIGN-EXCHANGE MARKET</h2>Only VASPs authorized to operate in the FX market can handle virtual-asset-related foreign-exchange transactions, subject to limits.<img src="https://api-ldr.prod.olivasdigital.com/uploads/informeee_27fd5b932c.png" alt="informeee.png" srcset="https://api-ldr.prod.olivasdigital.com/uploads/thumbnail_informeee_27fd5b932c.png 245w,https://api-ldr.prod.olivasdigital.com/uploads/small_informeee_27fd5b932c.png 500w,https://api-ldr.prod.olivasdigital.com/uploads/medium_informeee_27fd5b932c.png 750w,https://api-ldr.prod.olivasdigital.com/uploads/large_informeee_27fd5b932c.png 1000w," sizes="100vw" width="4032" height="1157">IMPORTANT: Active VASPCs must include a specific request to engage in FX operations when applying for authorization.Cross-Border Capital Implications:<span style="color:rgb(30,169,30);font-family:nexa, &quot;nexa Fallback&quot;, ui-sans-serif, system-ui, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;;font-size:18px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">➜ Virtual assets held abroad by Brazilian residents&nbsp;must be reported in the Annual Declaration of Brazilian Capitals Abroad (CBE);<span style="color:rgb(30,169,30);font-family:nexa, &quot;nexa Fallback&quot;, ui-sans-serif, system-ui, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;;font-size:18px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">➜ Capital contributions made in virtual assets&nbsp;must be disclosed in the Foreign Direct Investment (IDE) reporting;<span style="color:rgb(30,169,30);font-family:nexa, &quot;nexa Fallback&quot;, ui-sans-serif, system-ui, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;;font-size:18px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">➜ External credit operations in stablecoins must be registered in the SCE-Credit system based on the reference fiat currency value.&nbsp;OBS.: The new reporting rules on FX and cross-border capital operations will become effective on May 4, 2026.<h2>4. OTHER RELEVANT PROVISIONS</h2>a) Ban on Algorithmic Stablecoins:A formal prohibition applies to the offering, listing, or intermediation of fiat-referenced virtual assets whose reserve or backing mechanisms rely on algorithms.&nbsp;Institutions already offering such products may allow clients to retain existing positions, but must discontinue the related services.b) Asset Segregation and Client Protection:VASPs must maintain full segregation between proprietary and client assets.&nbsp;BRL-denominated funds must be held in individual prepaid payment accounts, legally protected from attachment or seizure in case of insolvency.Virtual asset holdings must be recorded in segregated ledgers with mechanisms ensuring traceability and individualization of client wallets. Therefore, the use of “omnibus accounts” is expressly prohibited.During the Press Conference, the BCB emphasized that the full legal recognition of asset-segregation mechanisms for virtual assets depends on the approval of a specific bill currently under review in the Brazilian Congress.<img src="https://api-ldr.prod.olivasdigital.com/uploads/bancarioooo_0dca8df708.png" alt="bancárioooo.png" srcset="https://api-ldr.prod.olivasdigital.com/uploads/thumbnail_bancarioooo_0dca8df708.png 245w,https://api-ldr.prod.olivasdigital.com/uploads/small_bancarioooo_0dca8df708.png 500w,https://api-ldr.prod.olivasdigital.com/uploads/medium_bancarioooo_0dca8df708.png 750w,https://api-ldr.prod.olivasdigital.com/uploads/large_bancarioooo_0dca8df708.png 1000w," sizes="100vw" width="4080" height="556">

REGULATORY UPDATE: Brazilian Central Bank Issues Regulatory Framework on Virtual Asset Service Providers

We work in an integrated manner across more than 20 practice areas, helping drive our clients’ businesses forward with excellence. Our multidisciplinary approach transforms projects into long-term partnerships and enables us to deliver legal solutions aligned with our clients’ objectives.

Práticas.png

Practice areas

Our legal team consists of more than 200 professionals who act as an extension of our clients’ teams, building trusted relationships that create lasting value.

Nossa equipe.png

Our team

We foster a diverse and inclusive environment and strive to make a positive impact on our professionals, the legal profession, and society through ongoing educational and cultural initiatives.

Responsabilidade 1.png

Responsibility and commitment

When adopted in a structured and intentional manner, technology supports more accurate analysis and the development of innovative, tailored legal solutions.

Tecnologia.png

Technology and Innovation

Subscribe to our newsletters to follow the news, articles, and reports published by Lobo de Rizzo.

Newsletter

Lobo de Rizzo strengthens its partnership structure with promotions and expands female leadership in strategic areas

Brazilian Central Bank Issues Regulatory Framework on Virtual Asset Service Providers

A full-service law firm providing strategic and responsive legal counsel, working closely with clients to deliver exceptional legal solutions.