[{"data":1,"prerenderedAt":1096},["ShallowReactive",2],{"content-\u002Fresources\u002Fmore\u002Fstablecoin-regulation-tracker-2026":3,"resources-category-stablecoin-regulation-tracker-2026":373},{"id":4,"title":5,"author":6,"body":7,"categories":6,"category":348,"categoryType":6,"date":349,"description":350,"extension":351,"faq":352,"howto":6,"isBlog":365,"isChangelog":365,"meta":366,"navigation":367,"path":368,"rawbody":369,"seo":370,"stem":371,"thumbnail":6,"__hash__":372},"content\u002Fresources\u002Fmore\u002Fstablecoin-regulation-tracker-2026.md","Stablecoin regulation in 2026: MiCA, the GENIUS Act, Brazil, and Japan",null,{"type":8,"value":9,"toc":335},"minimark",[10,14,23,28,31,34,42,46,49,52,55,59,62,65,77,81,84,87,91,188,191,195,198,221,224,228,231,257,265,269,291,295,329],[11,12,13],"p",{},"Stablecoin regulation stopped being a gray zone. As of 2026, the four markets that matter most to cross-border payment businesses all have dedicated rules in force: the EU's Markets in Crypto-Assets regulation (MiCA), the US GENIUS Act, Brazil's virtual asset framework under Law 14.478\u002F2022 and Central Bank Resolutions 519, 520, and 521, and Japan's revised Payment Services Act. The direction is the same everywhere: fully reserved, licensed, auditable digital dollars (and euros, and yen) are welcome; everything else is being pushed out of the regulated system.",[11,15,16,17,22],{},"This tracker summarizes each regime and what it means in practice for businesses that pay or get paid with stablecoins. For the basics of how these payments work, start with our ",[18,19,21],"a",{"href":20},"\u002Fresources\u002Fmore\u002Fstablecoin-payments-guide","guide to stablecoin payments",".",[24,25,27],"h2",{"id":26},"what-does-mica-require-of-stablecoin-issuers","What does MiCA require of stablecoin issuers?",[11,29,30],{},"MiCA (Regulation (EU) 2023\u002F1114) is the EU's single rulebook for crypto-assets. Its stablecoin provisions have applied since June 30, 2024, and full application for crypto-asset service providers began at the end of 2024, with national transition periods running through 2026.",[11,32,33],{},"MiCA splits stablecoins into two categories. E-money tokens (EMTs) reference a single fiat currency and can only be issued by licensed credit institutions or electronic money institutions. Asset-referenced tokens (ARTs) reference baskets of assets and carry heavier requirements. For payment businesses, EMTs are the category that matters: a dollar or euro stablecoin used for payouts is an EMT.",[11,35,36,37,41],{},"The practical consequences showed up fast. Circle obtained an electronic money institution license in France and issues USDC and EURC as MiCA-compliant EMTs. Tether chose not to pursue authorization, and USDT was delisted from most EU-regulated exchanges. If your business touches EU customers or EU rails, your stablecoin choice is effectively made for you. Our ",[18,38,40],{"href":39},"\u002Fresources\u002Fmore\u002Fmica-stablecoin-rules-explained","MiCA explainer for payment companies"," covers the details.",[24,43,45],{"id":44},"what-is-the-genius-act","What is the GENIUS Act?",[11,47,48],{},"The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), signed in July 2025, is the first US federal law dedicated to payment stablecoins. Before it, US stablecoin issuers operated under a patchwork of state money transmitter licenses and trust charters.",[11,50,51],{},"The core requirements: payment stablecoin issuers must hold reserves 1:1 in cash, insured deposits, and short-term US Treasuries; they must be licensed either federally or under a qualifying state regime; they must publish monthly reserve disclosures; and they face restrictions on paying interest to holders. Issuers of a certain size fall under federal supervision.",[11,53,54],{},"For payment businesses, the GENIUS Act removed the biggest US legal question: whether regulated companies could rely on stablecoins at all. The answer is now yes, provided the stablecoin comes from a licensed issuer. It also accelerated bank and fintech adoption; Reuters reported stablecoin circulation passing 250 billion dollars in 2025, with regulated issuers taking a growing share.",[24,56,58],{"id":57},"how-does-brazil-regulate-stablecoins-and-vasps","How does Brazil regulate stablecoins and VASPs?",[11,60,61],{},"Brazil moved earlier than most. Law 14.478\u002F2022 created the legal framework for virtual asset service providers (VASPs) and assigned supervision to the Banco Central do Brasil (BCB). In November 2025 the BCB published Resolutions 519, 520, and 521, which took effect on February 2, 2026, and created the SPSAV regime: companies providing virtual asset services in Brazil must obtain authorization, with a transition window under Article 88 of Resolution 520 for companies already operating.",[11,63,64],{},"Two things make Brazil special for stablecoin payments. First, Pix: the BCB's instant payment system settles transfers in seconds, 24\u002F7, and is the default way Brazilians move money. A stablecoin payout that ends in Pix reaches the receiver faster than an international wire by days. Second, enforcement is practical: Pix payouts require the receiver's name and tax ID (CPF or CNPJ) to match the receiving account, so accurate beneficiary data is a hard requirement, not a nice-to-have.",[11,66,67,68,72,73,22],{},"The authorization regime itself, who needs it, and what it requires are covered in ",[18,69,71],{"href":70},"\u002Fresources\u002Fmore\u002Fpsav-brazil-explained","PSAV in Brazil explained",", and we compare the concrete cash-out options, fees, and rules in ",[18,74,76],{"href":75},"\u002Fresources\u002Fmore\u002Fusdc-to-brl-routes-2026","USDC to BRL in 2026: routes, fees, and rules compared",[24,78,80],{"id":79},"what-are-japans-stablecoin-rules","What are Japan's stablecoin rules?",[11,82,83],{},"Japan regulated stablecoins before either the EU or the US. The revised Payment Services Act, in force since June 2023, treats fiat-pegged stablecoins as electronic payment instruments. Only licensed banks, registered money transfer agents, and trust companies may issue them, and issuers must guarantee redemption at face value. Distribution requires registration as an electronic payment instruments service provider with the Financial Services Agency (FSA).",[11,85,86],{},"The first yen-denominated stablecoins under this regime launched in 2025, and Japan continues to refine the framework, with the FSA studying reserve flexibility and intermediary rules. For global payment businesses, Japan matters less for day-to-day payouts than the EU, US, or Brazil, but it shows where regulation converges: licensed issuers, full reserves, guaranteed redemption.",[24,88,90],{"id":89},"how-do-the-four-regimes-compare","How do the four regimes compare?",[92,93,94,116],"table",{},[95,96,97],"thead",{},[98,99,100,104,107,110,113],"tr",{},[101,102,103],"th",{},"Regime",[101,105,106],{},"In force",[101,108,109],{},"Who may issue",[101,111,112],{},"Reserve rule",[101,114,115],{},"Supervisor",[117,118,119,137,154,171],"tbody",{},[98,120,121,125,128,131,134],{},[122,123,124],"td",{},"MiCA (EU)",[122,126,127],{},"Stablecoin titles since June 2024",[122,129,130],{},"Credit institutions, licensed EMIs",[122,132,133],{},"Full backing, segregated, redemption at par",[122,135,136],{},"National regulators, EBA for significant tokens",[98,138,139,142,145,148,151],{},[122,140,141],{},"GENIUS Act (US)",[122,143,144],{},"Signed July 2025",[122,146,147],{},"Federally or state-licensed payment stablecoin issuers",[122,149,150],{},"1:1 in cash, insured deposits, short-term Treasuries; monthly disclosure",[122,152,153],{},"OCC and state regulators",[98,155,156,159,162,165,168],{},[122,157,158],{},"Brazil (Law 14.478 + BCB 519\u002F520\u002F521)",[122,160,161],{},"VASP regime effective February 2026",[122,163,164],{},"Issuance and services by authorized SPSAVs",[122,166,167],{},"Governance and segregation duties under BCB rules",[122,169,170],{},"Banco Central do Brasil",[98,172,173,176,179,182,185],{},[122,174,175],{},"Japan (Payment Services Act)",[122,177,178],{},"Revised rules since June 2023",[122,180,181],{},"Banks, money transfer agents, trust companies",[122,183,184],{},"Redemption at face value guaranteed",[122,186,187],{},"Financial Services Agency",[11,189,190],{},"Differences remain in the details (interest bans, disclosure cadence, licensing paths), but the convergence is unmistakable. A stablecoin that is fully reserved, redeemable at par, and issued by a licensed institution clears the bar everywhere; anything else faces shrinking room.",[24,192,194],{"id":193},"where-is-regulation-still-unsettled","Where is regulation still unsettled?",[11,196,197],{},"Three open fronts worth tracking through the rest of 2026:",[199,200,201,209,215],"ul",{},[202,203,204,208],"li",{},[205,206,207],"strong",{},"Interest and yield."," The GENIUS Act bars issuers from paying interest on payment stablecoins, and MiCA does the same for EMTs. Yield-bearing wrappers and tokenized money market funds sit outside these definitions, and regulators on both sides of the Atlantic are still deciding how to treat them when they behave like payment balances.",[202,210,211,214],{},[205,212,213],{},"Foreign-issuer access."," Both the EU and the US are refining how offshore issuers reach their markets: MiCA through equivalence-style conditions on non-EU EMTs, the US through GENIUS Act rules on foreign payment stablecoin issuers. Where these land will decide how global a single token's distribution can be.",[202,216,217,220],{},[205,218,219],{},"Brazil's transition window."," Companies operating before Resolutions 519\u002F520\u002F521 have Article 88 transition status while their SPSAV authorizations process. Expect the authorized list to firm up through 2026 and diligence questions to shift from \"are you applying?\" to \"are you authorized?\".",[11,222,223],{},"None of these change the direction. They change who is allowed to distribute, and how fast.",[24,225,227],{"id":226},"what-should-payment-businesses-do-about-it","What should payment businesses do about it?",[11,229,230],{},"The pattern across all four regimes is consistent, and it points to a short checklist:",[199,232,233,239,245,251],{},[202,234,235,238],{},[205,236,237],{},"Use stablecoins from regulated issuers."," USDC and other licensed EMT\u002FGENIUS-compliant tokens are accepted across all four regimes. Unregulated tokens increasingly are not.",[202,240,241,244],{},[205,242,243],{},"Let a licensed provider carry the regulatory load."," Payout providers that hold the required registrations (money transmission in the US, VASP authorization in Brazil, CASP status in the EU) take on custody, KYC, sanctions screening, and travel rule obligations. Building this yourself means acquiring licenses market by market.",[202,246,247,250],{},[205,248,249],{},"Get beneficiary data right."," Brazil's name and tax ID matching is the strictest example, but every regime requires accurate sender and receiver information under travel rule requirements.",[202,252,253,256],{},[205,254,255],{},"Watch reserve and redemption terms."," Regulation now guarantees that a compliant stablecoin redeems 1:1. If a token's terms do not say that plainly, it does not belong in a payment flow.",[11,258,259,260,264],{},"Compliance is becoming the differentiator between providers, not an afterthought. Our own ",[18,261,263],{"href":262},"\u002Fcompliance","compliance framework"," documents how we approach it.",[24,266,268],{"id":267},"how-blindpay-handles-regulation-for-you","How BlindPay handles regulation for you",[11,270,271,272,276,277,281,282,286,287,22],{},"BlindPay is a stablecoin API for global payments: businesses send USDC or USDT and receivers get local currency over Pix, SPEI, ACH, or wire, in ",[18,273,275],{"href":274},"\u002Fcoverage","100+ countries",". The regulatory work is built into the flow: KYC and KYB on receivers before money moves, sanctions screening, travel rule data handling, and local rail requirements like Brazil's name and tax ID matching. ",[18,278,280],{"href":279},"\u002Fvirtual-accounts","Virtual accounts"," extend the same model to collections, converting incoming bank transfers to stablecoins automatically. Pricing is public on the ",[18,283,285],{"href":284},"\u002Fpricing","pricing page",", and the team can walk through specific regulatory questions via ",[18,288,290],{"href":289},"\u002Fcontact","contact",[24,292,294],{"id":293},"methodology-and-sources","Methodology and sources",[11,296,297,298,304,305,310,311,316,317,322,323,328],{},"Regime details from primary sources: MiCA text, Regulation (EU) 2023\u002F1114 (",[18,299,303],{"href":300,"rel":301},"https:\u002F\u002Feur-lex.europa.eu\u002Flegal-content\u002FEN\u002FTXT\u002F?uri=CELEX%3A32023R1114",[302],"nofollow","eur-lex.europa.eu",") and ESMA's MiCA hub (",[18,306,309],{"href":307,"rel":308},"https:\u002F\u002Fwww.esma.europa.eu\u002Fesmas-activities\u002Fdigital-finance-and-innovation\u002Fmarkets-crypto-assets-regulation-mica",[302],"esma.europa.eu","); the GENIUS Act, S.1582, 119th Congress (",[18,312,315],{"href":313,"rel":314},"https:\u002F\u002Fwww.congress.gov\u002Fbill\u002F119th-congress\u002Fsenate-bill\u002F1582",[302],"congress.gov","); Brazil's Law 14.478\u002F2022 and BCB Resolutions 519, 520, and 521 plus the Pix system description (",[18,318,321],{"href":319,"rel":320},"https:\u002F\u002Fwww.bcb.gov.br\u002Fen\u002Ffinancialstability\u002Fpix_en",[302],"bcb.gov.br","); Japan's Payment Services Act framework via the Financial Services Agency (",[18,324,327],{"href":325,"rel":326},"https:\u002F\u002Fwww.fsa.go.jp\u002Fen\u002F",[302],"fsa.go.jp","). Regulatory status described as of August 2026.",[11,330,331],{},[332,333,334],"em",{},"This article is general information, not legal, tax, or financial advice.",{"title":336,"searchDepth":337,"depth":337,"links":338},"",2,[339,340,341,342,343,344,345,346,347],{"id":26,"depth":337,"text":27},{"id":44,"depth":337,"text":45},{"id":57,"depth":337,"text":58},{"id":79,"depth":337,"text":80},{"id":89,"depth":337,"text":90},{"id":193,"depth":337,"text":194},{"id":226,"depth":337,"text":227},{"id":267,"depth":337,"text":268},{"id":293,"depth":337,"text":294},"compliance","2026-08-15","Where stablecoin regulation stands in 2026: MiCA in the EU, the GENIUS Act in the US, Brazil's VASP regime, and Japan's issuer rules, compared for payment businesses.","md",[353,356,359,362],{"q":354,"a":355},"Is it legal for businesses to use stablecoins for payments?","Yes, in most major markets, provided the business or its provider complies with local rules. The EU regulates stablecoins under MiCA, the US under the GENIUS Act and money transmission laws, Brazil under Law 14.478\u002F2022 and BCB resolutions, and Japan under the revised Payment Services Act. What matters is who issues the stablecoin and who handles the conversion to fiat.",{"q":357,"a":358},"Which stablecoins are compliant in the EU under MiCA?","As of 2026, USDC is available in the EU because Circle obtained an electronic money institution license in France and issues USDC as a MiCA-compliant e-money token. USDT has been delisted from most EU-regulated exchanges because Tether did not pursue MiCA authorization.",{"q":360,"a":361},"What is the GENIUS Act in simple terms?","The GENIUS Act is the first US federal law dedicated to payment stablecoins. It requires issuers to hold 1:1 reserves in cash and short-term Treasuries, to be licensed at the federal or state level, and to publish regular reserve disclosures. It gives US businesses a clear legal footing for using regulated dollar stablecoins.",{"q":363,"a":364},"Do I need my own license to send stablecoin payouts?","Usually not. If you build on a licensed provider, the provider carries the regulatory obligations: registration, custody arrangements, KYC, sanctions screening, and travel rule compliance. You are still responsible for giving the provider accurate customer and payment information.",false,{},true,"\u002Fresources\u002Fmore\u002Fstablecoin-regulation-tracker-2026","---\ntitle: \"Stablecoin regulation in 2026: MiCA, the GENIUS Act, Brazil, and Japan\"\ndescription: \"Where stablecoin regulation stands in 2026: MiCA in the EU, the GENIUS Act in the US, Brazil's VASP regime, and Japan's issuer rules, compared for payment businesses.\"\ndate: \"2026-08-15\"\ncategory: \"compliance\"\nfaq:\n  - q: \"Is it legal for businesses to use stablecoins for payments?\"\n    a: \"Yes, in most major markets, provided the business or its provider complies with local rules. The EU regulates stablecoins under MiCA, the US under the GENIUS Act and money transmission laws, Brazil under Law 14.478\u002F2022 and BCB resolutions, and Japan under the revised Payment Services Act. What matters is who issues the stablecoin and who handles the conversion to fiat.\"\n  - q: \"Which stablecoins are compliant in the EU under MiCA?\"\n    a: \"As of 2026, USDC is available in the EU because Circle obtained an electronic money institution license in France and issues USDC as a MiCA-compliant e-money token. USDT has been delisted from most EU-regulated exchanges because Tether did not pursue MiCA authorization.\"\n  - q: \"What is the GENIUS Act in simple terms?\"\n    a: \"The GENIUS Act is the first US federal law dedicated to payment stablecoins. It requires issuers to hold 1:1 reserves in cash and short-term Treasuries, to be licensed at the federal or state level, and to publish regular reserve disclosures. It gives US businesses a clear legal footing for using regulated dollar stablecoins.\"\n  - q: \"Do I need my own license to send stablecoin payouts?\"\n    a: \"Usually not. If you build on a licensed provider, the provider carries the regulatory obligations: registration, custody arrangements, KYC, sanctions screening, and travel rule compliance. You are still responsible for giving the provider accurate customer and payment information.\"\n---\n\nStablecoin regulation stopped being a gray zone. As of 2026, the four markets that matter most to cross-border payment businesses all have dedicated rules in force: the EU's Markets in Crypto-Assets regulation (MiCA), the US GENIUS Act, Brazil's virtual asset framework under Law 14.478\u002F2022 and Central Bank Resolutions 519, 520, and 521, and Japan's revised Payment Services Act. The direction is the same everywhere: fully reserved, licensed, auditable digital dollars (and euros, and yen) are welcome; everything else is being pushed out of the regulated system.\n\nThis tracker summarizes each regime and what it means in practice for businesses that pay or get paid with stablecoins. For the basics of how these payments work, start with our [guide to stablecoin payments](\u002Fresources\u002Fmore\u002Fstablecoin-payments-guide).\n\n## What does MiCA require of stablecoin issuers?\n\nMiCA (Regulation (EU) 2023\u002F1114) is the EU's single rulebook for crypto-assets. Its stablecoin provisions have applied since June 30, 2024, and full application for crypto-asset service providers began at the end of 2024, with national transition periods running through 2026.\n\nMiCA splits stablecoins into two categories. E-money tokens (EMTs) reference a single fiat currency and can only be issued by licensed credit institutions or electronic money institutions. Asset-referenced tokens (ARTs) reference baskets of assets and carry heavier requirements. For payment businesses, EMTs are the category that matters: a dollar or euro stablecoin used for payouts is an EMT.\n\nThe practical consequences showed up fast. Circle obtained an electronic money institution license in France and issues USDC and EURC as MiCA-compliant EMTs. Tether chose not to pursue authorization, and USDT was delisted from most EU-regulated exchanges. If your business touches EU customers or EU rails, your stablecoin choice is effectively made for you. Our [MiCA explainer for payment companies](\u002Fresources\u002Fmore\u002Fmica-stablecoin-rules-explained) covers the details.\n\n## What is the GENIUS Act?\n\nThe GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), signed in July 2025, is the first US federal law dedicated to payment stablecoins. Before it, US stablecoin issuers operated under a patchwork of state money transmitter licenses and trust charters.\n\nThe core requirements: payment stablecoin issuers must hold reserves 1:1 in cash, insured deposits, and short-term US Treasuries; they must be licensed either federally or under a qualifying state regime; they must publish monthly reserve disclosures; and they face restrictions on paying interest to holders. Issuers of a certain size fall under federal supervision.\n\nFor payment businesses, the GENIUS Act removed the biggest US legal question: whether regulated companies could rely on stablecoins at all. The answer is now yes, provided the stablecoin comes from a licensed issuer. It also accelerated bank and fintech adoption; Reuters reported stablecoin circulation passing 250 billion dollars in 2025, with regulated issuers taking a growing share.\n\n## How does Brazil regulate stablecoins and VASPs?\n\nBrazil moved earlier than most. Law 14.478\u002F2022 created the legal framework for virtual asset service providers (VASPs) and assigned supervision to the Banco Central do Brasil (BCB). In November 2025 the BCB published Resolutions 519, 520, and 521, which took effect on February 2, 2026, and created the SPSAV regime: companies providing virtual asset services in Brazil must obtain authorization, with a transition window under Article 88 of Resolution 520 for companies already operating.\n\nTwo things make Brazil special for stablecoin payments. First, Pix: the BCB's instant payment system settles transfers in seconds, 24\u002F7, and is the default way Brazilians move money. A stablecoin payout that ends in Pix reaches the receiver faster than an international wire by days. Second, enforcement is practical: Pix payouts require the receiver's name and tax ID (CPF or CNPJ) to match the receiving account, so accurate beneficiary data is a hard requirement, not a nice-to-have.\n\nThe authorization regime itself, who needs it, and what it requires are covered in [PSAV in Brazil explained](\u002Fresources\u002Fmore\u002Fpsav-brazil-explained), and we compare the concrete cash-out options, fees, and rules in [USDC to BRL in 2026: routes, fees, and rules compared](\u002Fresources\u002Fmore\u002Fusdc-to-brl-routes-2026).\n\n## What are Japan's stablecoin rules?\n\nJapan regulated stablecoins before either the EU or the US. The revised Payment Services Act, in force since June 2023, treats fiat-pegged stablecoins as electronic payment instruments. Only licensed banks, registered money transfer agents, and trust companies may issue them, and issuers must guarantee redemption at face value. Distribution requires registration as an electronic payment instruments service provider with the Financial Services Agency (FSA).\n\nThe first yen-denominated stablecoins under this regime launched in 2025, and Japan continues to refine the framework, with the FSA studying reserve flexibility and intermediary rules. For global payment businesses, Japan matters less for day-to-day payouts than the EU, US, or Brazil, but it shows where regulation converges: licensed issuers, full reserves, guaranteed redemption.\n\n## How do the four regimes compare?\n\n| Regime | In force | Who may issue | Reserve rule | Supervisor |\n|---|---|---|---|---|\n| MiCA (EU) | Stablecoin titles since June 2024 | Credit institutions, licensed EMIs | Full backing, segregated, redemption at par | National regulators, EBA for significant tokens |\n| GENIUS Act (US) | Signed July 2025 | Federally or state-licensed payment stablecoin issuers | 1:1 in cash, insured deposits, short-term Treasuries; monthly disclosure | OCC and state regulators |\n| Brazil (Law 14.478 + BCB 519\u002F520\u002F521) | VASP regime effective February 2026 | Issuance and services by authorized SPSAVs | Governance and segregation duties under BCB rules | Banco Central do Brasil |\n| Japan (Payment Services Act) | Revised rules since June 2023 | Banks, money transfer agents, trust companies | Redemption at face value guaranteed | Financial Services Agency |\n\nDifferences remain in the details (interest bans, disclosure cadence, licensing paths), but the convergence is unmistakable. A stablecoin that is fully reserved, redeemable at par, and issued by a licensed institution clears the bar everywhere; anything else faces shrinking room.\n\n## Where is regulation still unsettled?\n\nThree open fronts worth tracking through the rest of 2026:\n\n- **Interest and yield.** The GENIUS Act bars issuers from paying interest on payment stablecoins, and MiCA does the same for EMTs. Yield-bearing wrappers and tokenized money market funds sit outside these definitions, and regulators on both sides of the Atlantic are still deciding how to treat them when they behave like payment balances.\n- **Foreign-issuer access.** Both the EU and the US are refining how offshore issuers reach their markets: MiCA through equivalence-style conditions on non-EU EMTs, the US through GENIUS Act rules on foreign payment stablecoin issuers. Where these land will decide how global a single token's distribution can be.\n- **Brazil's transition window.** Companies operating before Resolutions 519\u002F520\u002F521 have Article 88 transition status while their SPSAV authorizations process. Expect the authorized list to firm up through 2026 and diligence questions to shift from \"are you applying?\" to \"are you authorized?\".\n\nNone of these change the direction. They change who is allowed to distribute, and how fast.\n\n## What should payment businesses do about it?\n\nThe pattern across all four regimes is consistent, and it points to a short checklist:\n\n- **Use stablecoins from regulated issuers.** USDC and other licensed EMT\u002FGENIUS-compliant tokens are accepted across all four regimes. Unregulated tokens increasingly are not.\n- **Let a licensed provider carry the regulatory load.** Payout providers that hold the required registrations (money transmission in the US, VASP authorization in Brazil, CASP status in the EU) take on custody, KYC, sanctions screening, and travel rule obligations. Building this yourself means acquiring licenses market by market.\n- **Get beneficiary data right.** Brazil's name and tax ID matching is the strictest example, but every regime requires accurate sender and receiver information under travel rule requirements.\n- **Watch reserve and redemption terms.** Regulation now guarantees that a compliant stablecoin redeems 1:1. If a token's terms do not say that plainly, it does not belong in a payment flow.\n\nCompliance is becoming the differentiator between providers, not an afterthought. Our own [compliance framework](\u002Fcompliance) documents how we approach it.\n\n## How BlindPay handles regulation for you\n\nBlindPay is a stablecoin API for global payments: businesses send USDC or USDT and receivers get local currency over Pix, SPEI, ACH, or wire, in [100+ countries](\u002Fcoverage). The regulatory work is built into the flow: KYC and KYB on receivers before money moves, sanctions screening, travel rule data handling, and local rail requirements like Brazil's name and tax ID matching. [Virtual accounts](\u002Fvirtual-accounts) extend the same model to collections, converting incoming bank transfers to stablecoins automatically. Pricing is public on the [pricing page](\u002Fpricing), and the team can walk through specific regulatory questions via [contact](\u002Fcontact).\n\n## Methodology and sources\n\nRegime details from primary sources: MiCA text, Regulation (EU) 2023\u002F1114 ([eur-lex.europa.eu](https:\u002F\u002Feur-lex.europa.eu\u002Flegal-content\u002FEN\u002FTXT\u002F?uri=CELEX%3A32023R1114)) and ESMA's MiCA hub ([esma.europa.eu](https:\u002F\u002Fwww.esma.europa.eu\u002Fesmas-activities\u002Fdigital-finance-and-innovation\u002Fmarkets-crypto-assets-regulation-mica)); the GENIUS Act, S.1582, 119th Congress ([congress.gov](https:\u002F\u002Fwww.congress.gov\u002Fbill\u002F119th-congress\u002Fsenate-bill\u002F1582)); Brazil's Law 14.478\u002F2022 and BCB Resolutions 519, 520, and 521 plus the Pix system description ([bcb.gov.br](https:\u002F\u002Fwww.bcb.gov.br\u002Fen\u002Ffinancialstability\u002Fpix_en)); Japan's Payment Services Act framework via the Financial Services Agency ([fsa.go.jp](https:\u002F\u002Fwww.fsa.go.jp\u002Fen\u002F)). Regulatory status described as of August 2026.\n\n*This article is general information, not legal, tax, or financial advice.*\n",{"title":5,"description":350},"resources\u002Fmore\u002Fstablecoin-regulation-tracker-2026","b4_z4RvVUx6SEignor--M1_xPgND0Gr0zlEqH53FkmQ",[374,657,882],{"id":375,"title":376,"author":6,"body":377,"categories":6,"category":348,"categoryType":6,"date":349,"description":638,"extension":351,"faq":639,"howto":6,"isBlog":365,"isChangelog":365,"meta":652,"navigation":367,"path":39,"rawbody":653,"seo":654,"stem":655,"thumbnail":6,"__hash__":656},"content\u002Fresources\u002Fmore\u002Fmica-stablecoin-rules-explained.md","MiCA stablecoin rules explained for payment companies",{"type":8,"value":378,"toc":626},[379,382,388,392,395,398,402,405,408,411,415,418,456,460,463,466,473,477,480,503,507,510,536,539,543,546,549,553,556,560,563,581,585,603,622],[11,380,381],{},"MiCA, the EU's Markets in Crypto-Assets regulation (Regulation (EU) 2023\u002F1114), is the single rulebook that decides which stablecoins can circulate in the European Union and who may issue them. Its stablecoin provisions have applied since June 30, 2024. The practical outcome for payment companies is simple: dollar and euro stablecoins in the EU must be e-money tokens issued by licensed institutions, USDC qualifies, USDT does not, and businesses that use compliant tokens through licensed providers carry none of the issuer obligations themselves.",[11,383,384,385,22],{},"This article explains the parts of MiCA that matter if you pay or get paid with stablecoins. For the wider global picture, see our ",[18,386,387],{"href":368},"stablecoin regulation tracker",[24,389,391],{"id":390},"what-does-mica-actually-regulate","What does MiCA actually regulate?",[11,393,394],{},"MiCA covers crypto-assets that were not already regulated under EU financial law. It creates three regimes: one for e-money tokens (EMTs), one for asset-referenced tokens (ARTs), and one for other crypto-assets, plus a licensing regime for crypto-asset service providers (CASPs) such as exchanges and custodians.",[11,396,397],{},"The stablecoin rules (Titles III and IV) took effect June 30, 2024. CASP rules followed on December 30, 2024, with national grandfathering periods that ran into 2026 for firms already operating. As of 2026, the transition is essentially over: the EU market runs on authorized issuers and licensed service providers.",[24,399,401],{"id":400},"what-is-the-difference-between-an-emt-and-an-art","What is the difference between an EMT and an ART?",[11,403,404],{},"An e-money token references a single official currency: a dollar stablecoin or a euro stablecoin is an EMT. Under MiCA, only authorized credit institutions and electronic money institutions may issue EMTs, holders get a legal claim to redeem at par at any time, and issuers may not pay interest on holdings.",[11,406,407],{},"An asset-referenced token references a basket: multiple currencies, commodities, or crypto-assets. ARTs carry heavier capital, governance, and disclosure requirements and are rare in practice.",[11,409,410],{},"For payment flows, the distinction is almost academic: every stablecoin a business would use for payouts or settlement (USDC, EURC, and their peers) is an EMT. The label to look for is whether the issuer holds an EU authorization.",[24,412,414],{"id":413},"what-must-emt-issuers-do-under-mica","What must EMT issuers do under MiCA?",[11,416,417],{},"The issuer requirements explain why the compliant list is short:",[199,419,420,426,432,438,444,450],{},[202,421,422,425],{},[205,423,424],{},"Authorization."," The issuer must be a licensed credit institution or electronic money institution in an EU member state.",[202,427,428,431],{},[205,429,430],{},"A white paper"," notified to the regulator, describing the token, the reserve, and redemption rights.",[202,433,434,437],{},[205,435,436],{},"Full reserves"," backing every token, segregated from the issuer's own assets, invested conservatively, with strict custody rules.",[202,439,440,443],{},[205,441,442],{},"Redemption at par, at any time",", free of charge for holders.",[202,445,446,449],{},[205,447,448],{},"No interest"," paid on the token, which draws the line between payment instruments and deposit-like products.",[202,451,452,455],{},[205,453,454],{},"Significant EMT rules."," Tokens above thresholds for holders, market value, or transaction volume face extra requirements supervised by the European Banking Authority, including transaction-volume monitoring for tokens denominated in non-EU currencies used as a means of exchange.",[24,457,459],{"id":458},"why-is-usdc-available-in-the-eu-and-usdt-not","Why is USDC available in the EU and USDT not?",[11,461,462],{},"Circle became the first major global stablecoin issuer to comply: it obtained an electronic money institution license in France (supervised by the ACPR) on July 1, 2024, and issues both USDC and EURC as MiCA-compliant EMTs. That license passports across all EU member states.",[11,464,465],{},"Tether publicly chose not to seek MiCA authorization, criticizing the reserve requirements. The consequence arrived through the service-provider side: CASPs cannot offer non-compliant EMTs to EU customers, so regulated exchanges (Coinbase, Crypto.com, Binance for EEA users, and others) delisted USDT for EU customers between late 2024 and the first quarter of 2025.",[11,467,468,469,22],{},"The market read the signal. For any product that touches EU users, USDC became the default dollar stablecoin. Our comparison of the two tokens for payment use cases: ",[18,470,472],{"href":471},"\u002Fresources\u002Fmore\u002Fusdc-vs-usdt-for-payments","USDC vs USDT for payments",[24,474,476],{"id":475},"what-does-mica-mean-for-a-business-that-uses-stablecoins","What does MiCA mean for a business that uses stablecoins?",[11,478,479],{},"If your company sends payouts, settles invoices, or holds working balances in stablecoins, MiCA does not turn you into a regulated entity. The obligations attach to issuers and service providers. Your responsibilities are choices:",[199,481,482,488,497],{},[202,483,484,487],{},[205,485,486],{},"Choose compliant tokens for EU-touching flows."," USDC (and EURC for euro flows) as of 2026. A payout that starts in USDT can still reach an EU-adjacent receiver in local fiat, but the stablecoin leg should not be marketed or offered to EU users.",[202,489,490,493,494,22],{},[205,491,492],{},"Choose licensed partners."," If a provider custodies stablecoins or converts them for you in the EU, it should hold CASP authorization or operate through appropriately licensed entities. Ask; serious providers publish this. Ours is documented on the ",[18,495,496],{"href":262},"compliance page",[202,498,499,502],{},[205,500,501],{},"Mind where your users are."," MiCA applies to tokens offered to persons in the EU. A LatAm payout flow run by a US company is outside its scope, but the same company onboarding EU businesses is not.",[24,504,506],{"id":505},"how-did-the-mica-timeline-unfold","How did the MiCA timeline unfold?",[11,508,509],{},"The rollout took three years and explains why 2026 feels settled:",[199,511,512,518,524,530],{},[202,513,514,517],{},[205,515,516],{},"June 2023",": MiCA entered into force, starting the clock.",[202,519,520,523],{},[205,521,522],{},"June 30, 2024",": Titles III and IV applied; EMT and ART issuance without authorization became unlawful in the EU. Circle's French EMI license landed on July 1, 2024, making USDC the first major compliant dollar stablecoin.",[202,525,526,529],{},[205,527,528],{},"Late 2024 to Q1 2025",": CASP rules applied (December 30, 2024) and regulated exchanges completed USDT delistings for EU customers, following ESMA's guidance that non-compliant EMTs should be restricted.",[202,531,532,535],{},[205,533,534],{},"Through 2026",": national grandfathering periods for existing CASPs expired member state by member state; the EU market now runs end to end on authorized firms.",[11,537,538],{},"The lesson for payment companies watching other jurisdictions (Brazil's VASP transition, GENIUS Act rulemaking in the US): the binding date is rarely the law's publication, it is the moment service providers must drop non-compliant tokens. Distribution, not issuance, is where enforcement bites.",[24,540,542],{"id":541},"who-enforces-mica","Who enforces MiCA?",[11,544,545],{},"Supervision is layered. National competent authorities (the AMF and ACPR in France, BaFin in Germany, and their peers) license issuers and CASPs and police conduct in their markets. The European Banking Authority (EBA) takes direct supervision of significant EMTs and ARTs, the tokens large enough to matter for financial stability, and the European Securities and Markets Authority (ESMA) coordinates the CASP side and keeps the public registers of authorized firms.",[11,547,548],{},"Enforcement so far has been structural rather than punitive: the effective sanction for a non-compliant token is exclusion from regulated distribution, as the USDT delistings showed. For a payment business, the practical check is not reading enforcement actions, it is checking the registers: an issuer should appear as an authorized EMI or credit institution, and an exchange or custodian should appear in ESMA's CASP register. If a partner is on neither list and claims EU coverage, that is the red flag.",[24,550,552],{"id":551},"what-about-euro-stablecoins","What about euro stablecoins?",[11,554,555],{},"MiCA did for the euro what no market force had: it created a regulated euro stablecoin category. EURC (Circle) and a handful of bank-issued euro EMTs now circulate, and EU merchants and platforms increasingly quote in them for on-chain settlement. Volumes remain a fraction of dollar tokens, but for EU-domestic flows a euro EMT avoids FX entirely: a payout that starts and ends in euros has no reason to route through a dollar. Significant-EMT rules also cap how far a non-euro (that is, dollar) token can go as a day-to-day means of exchange inside the EU, a deliberate nudge toward euro-denominated tokens for domestic European payments.",[24,557,559],{"id":558},"what-is-the-practical-checklist","What is the practical checklist?",[11,561,562],{},"For a payment company reviewing MiCA exposure in 2026:",[564,565,566,569,572,575,578],"ol",{},[202,567,568],{},"Inventory which stablecoins your flows touch and which user geographies can hold them.",[202,570,571],{},"Default EU-facing flows to MiCA-compliant EMTs (USDC, EURC).",[202,573,574],{},"Verify your providers' licensing: EMI or credit institution status for issuers, CASP status for exchanges and custodians.",[202,576,577],{},"Check redemption terms: compliant tokens redeem at par, always, free.",[202,579,580],{},"Document the above; MiCA compliance questions now appear in enterprise procurement and bank due diligence.",[24,582,584],{"id":583},"how-blindpay-fits-in","How BlindPay fits in",[11,586,587,588,592,593,595,596,599,600,22],{},"BlindPay is a stablecoin API for ",[18,589,591],{"href":590},"\u002Fglobal-payments","global payments",": businesses send USDC or USDT and receivers get local currency over Pix, SPEI, ACH, or wire in ",[18,594,275],{"href":274},", with KYC, sanctions screening, and travel rule handling built into the flow. USDC, the EU-compliant token, is a first-class asset across the platform, including ",[18,597,598],{"href":279},"virtual accounts"," that convert incoming bank transfers to USDC automatically. Regulatory questions about a specific corridor are the kind of thing worth a ",[18,601,602],{"href":289},"conversation",[11,604,605,606,610,611,615,616,621],{},"Primary sources: the MiCA text on ",[18,607,609],{"href":300,"rel":608},[302],"EUR-Lex",", ESMA's ",[18,612,614],{"href":307,"rel":613},[302],"MiCA hub",", and the EBA's guidance on ARTs and EMTs (",[18,617,620],{"href":618,"rel":619},"https:\u002F\u002Fwww.eba.europa.eu\u002Fregulation-and-policy\u002Fmarkets-crypto-assets-mica",[302],"eba.europa.eu","). Status described as of August 2026.",[11,623,624],{},[332,625,334],{},{"title":336,"searchDepth":337,"depth":337,"links":627},[628,629,630,631,632,633,634,635,636,637],{"id":390,"depth":337,"text":391},{"id":400,"depth":337,"text":401},{"id":413,"depth":337,"text":414},{"id":458,"depth":337,"text":459},{"id":475,"depth":337,"text":476},{"id":505,"depth":337,"text":506},{"id":541,"depth":337,"text":542},{"id":551,"depth":337,"text":552},{"id":558,"depth":337,"text":559},{"id":583,"depth":337,"text":584},"What MiCA means if your business uses stablecoins in the EU: EMTs vs ARTs, issuer requirements, why USDC is compliant and USDT was delisted, and a practical checklist.",[640,643,646,649],{"q":641,"a":642},"Is USDC MiCA-compliant?","Yes. Circle obtained an electronic money institution license in France in 2024 and issues USDC and EURC as MiCA-compliant e-money tokens. As of 2026, USDC is the most widely supported compliant dollar stablecoin in the EU.",{"q":644,"a":645},"Can EU businesses still use USDT?","Not through regulated channels. Tether did not pursue MiCA authorization, and EU-regulated exchanges delisted USDT for EU customers starting in early 2025. Businesses serving EU users should default to MiCA-compliant tokens like USDC.",{"q":647,"a":648},"Does MiCA apply to my company if we only use stablecoins for payouts?","Using a compliant stablecoin through a licensed provider does not itself make you an issuer or a crypto-asset service provider. The obligations sit with the issuer and the provider. You are responsible for choosing compliant tokens and licensed partners.",{"q":650,"a":651},"What is the difference between an EMT and an ART under MiCA?","An e-money token (EMT) references a single fiat currency, like a dollar or euro stablecoin. An asset-referenced token (ART) references a basket of assets. EMTs can only be issued by licensed credit institutions or electronic money institutions, and payment stablecoins are almost always EMTs.",{},"---\ntitle: \"MiCA stablecoin rules explained for payment companies\"\ndescription: \"What MiCA means if your business uses stablecoins in the EU: EMTs vs ARTs, issuer requirements, why USDC is compliant and USDT was delisted, and a practical checklist.\"\ndate: \"2026-08-15\"\ncategory: \"compliance\"\nfaq:\n  - q: \"Is USDC MiCA-compliant?\"\n    a: \"Yes. Circle obtained an electronic money institution license in France in 2024 and issues USDC and EURC as MiCA-compliant e-money tokens. As of 2026, USDC is the most widely supported compliant dollar stablecoin in the EU.\"\n  - q: \"Can EU businesses still use USDT?\"\n    a: \"Not through regulated channels. Tether did not pursue MiCA authorization, and EU-regulated exchanges delisted USDT for EU customers starting in early 2025. Businesses serving EU users should default to MiCA-compliant tokens like USDC.\"\n  - q: \"Does MiCA apply to my company if we only use stablecoins for payouts?\"\n    a: \"Using a compliant stablecoin through a licensed provider does not itself make you an issuer or a crypto-asset service provider. The obligations sit with the issuer and the provider. You are responsible for choosing compliant tokens and licensed partners.\"\n  - q: \"What is the difference between an EMT and an ART under MiCA?\"\n    a: \"An e-money token (EMT) references a single fiat currency, like a dollar or euro stablecoin. An asset-referenced token (ART) references a basket of assets. EMTs can only be issued by licensed credit institutions or electronic money institutions, and payment stablecoins are almost always EMTs.\"\n---\n\nMiCA, the EU's Markets in Crypto-Assets regulation (Regulation (EU) 2023\u002F1114), is the single rulebook that decides which stablecoins can circulate in the European Union and who may issue them. Its stablecoin provisions have applied since June 30, 2024. The practical outcome for payment companies is simple: dollar and euro stablecoins in the EU must be e-money tokens issued by licensed institutions, USDC qualifies, USDT does not, and businesses that use compliant tokens through licensed providers carry none of the issuer obligations themselves.\n\nThis article explains the parts of MiCA that matter if you pay or get paid with stablecoins. For the wider global picture, see our [stablecoin regulation tracker](\u002Fresources\u002Fmore\u002Fstablecoin-regulation-tracker-2026).\n\n## What does MiCA actually regulate?\n\nMiCA covers crypto-assets that were not already regulated under EU financial law. It creates three regimes: one for e-money tokens (EMTs), one for asset-referenced tokens (ARTs), and one for other crypto-assets, plus a licensing regime for crypto-asset service providers (CASPs) such as exchanges and custodians.\n\nThe stablecoin rules (Titles III and IV) took effect June 30, 2024. CASP rules followed on December 30, 2024, with national grandfathering periods that ran into 2026 for firms already operating. As of 2026, the transition is essentially over: the EU market runs on authorized issuers and licensed service providers.\n\n## What is the difference between an EMT and an ART?\n\nAn e-money token references a single official currency: a dollar stablecoin or a euro stablecoin is an EMT. Under MiCA, only authorized credit institutions and electronic money institutions may issue EMTs, holders get a legal claim to redeem at par at any time, and issuers may not pay interest on holdings.\n\nAn asset-referenced token references a basket: multiple currencies, commodities, or crypto-assets. ARTs carry heavier capital, governance, and disclosure requirements and are rare in practice.\n\nFor payment flows, the distinction is almost academic: every stablecoin a business would use for payouts or settlement (USDC, EURC, and their peers) is an EMT. The label to look for is whether the issuer holds an EU authorization.\n\n## What must EMT issuers do under MiCA?\n\nThe issuer requirements explain why the compliant list is short:\n\n- **Authorization.** The issuer must be a licensed credit institution or electronic money institution in an EU member state.\n- **A white paper** notified to the regulator, describing the token, the reserve, and redemption rights.\n- **Full reserves** backing every token, segregated from the issuer's own assets, invested conservatively, with strict custody rules.\n- **Redemption at par, at any time**, free of charge for holders.\n- **No interest** paid on the token, which draws the line between payment instruments and deposit-like products.\n- **Significant EMT rules.** Tokens above thresholds for holders, market value, or transaction volume face extra requirements supervised by the European Banking Authority, including transaction-volume monitoring for tokens denominated in non-EU currencies used as a means of exchange.\n\n## Why is USDC available in the EU and USDT not?\n\nCircle became the first major global stablecoin issuer to comply: it obtained an electronic money institution license in France (supervised by the ACPR) on July 1, 2024, and issues both USDC and EURC as MiCA-compliant EMTs. That license passports across all EU member states.\n\nTether publicly chose not to seek MiCA authorization, criticizing the reserve requirements. The consequence arrived through the service-provider side: CASPs cannot offer non-compliant EMTs to EU customers, so regulated exchanges (Coinbase, Crypto.com, Binance for EEA users, and others) delisted USDT for EU customers between late 2024 and the first quarter of 2025.\n\nThe market read the signal. For any product that touches EU users, USDC became the default dollar stablecoin. Our comparison of the two tokens for payment use cases: [USDC vs USDT for payments](\u002Fresources\u002Fmore\u002Fusdc-vs-usdt-for-payments).\n\n## What does MiCA mean for a business that uses stablecoins?\n\nIf your company sends payouts, settles invoices, or holds working balances in stablecoins, MiCA does not turn you into a regulated entity. The obligations attach to issuers and service providers. Your responsibilities are choices:\n\n- **Choose compliant tokens for EU-touching flows.** USDC (and EURC for euro flows) as of 2026. A payout that starts in USDT can still reach an EU-adjacent receiver in local fiat, but the stablecoin leg should not be marketed or offered to EU users.\n- **Choose licensed partners.** If a provider custodies stablecoins or converts them for you in the EU, it should hold CASP authorization or operate through appropriately licensed entities. Ask; serious providers publish this. Ours is documented on the [compliance page](\u002Fcompliance).\n- **Mind where your users are.** MiCA applies to tokens offered to persons in the EU. A LatAm payout flow run by a US company is outside its scope, but the same company onboarding EU businesses is not.\n\n## How did the MiCA timeline unfold?\n\nThe rollout took three years and explains why 2026 feels settled:\n\n- **June 2023**: MiCA entered into force, starting the clock.\n- **June 30, 2024**: Titles III and IV applied; EMT and ART issuance without authorization became unlawful in the EU. Circle's French EMI license landed on July 1, 2024, making USDC the first major compliant dollar stablecoin.\n- **Late 2024 to Q1 2025**: CASP rules applied (December 30, 2024) and regulated exchanges completed USDT delistings for EU customers, following ESMA's guidance that non-compliant EMTs should be restricted.\n- **Through 2026**: national grandfathering periods for existing CASPs expired member state by member state; the EU market now runs end to end on authorized firms.\n\nThe lesson for payment companies watching other jurisdictions (Brazil's VASP transition, GENIUS Act rulemaking in the US): the binding date is rarely the law's publication, it is the moment service providers must drop non-compliant tokens. Distribution, not issuance, is where enforcement bites.\n\n## Who enforces MiCA?\n\nSupervision is layered. National competent authorities (the AMF and ACPR in France, BaFin in Germany, and their peers) license issuers and CASPs and police conduct in their markets. The European Banking Authority (EBA) takes direct supervision of significant EMTs and ARTs, the tokens large enough to matter for financial stability, and the European Securities and Markets Authority (ESMA) coordinates the CASP side and keeps the public registers of authorized firms.\n\nEnforcement so far has been structural rather than punitive: the effective sanction for a non-compliant token is exclusion from regulated distribution, as the USDT delistings showed. For a payment business, the practical check is not reading enforcement actions, it is checking the registers: an issuer should appear as an authorized EMI or credit institution, and an exchange or custodian should appear in ESMA's CASP register. If a partner is on neither list and claims EU coverage, that is the red flag.\n\n## What about euro stablecoins?\n\nMiCA did for the euro what no market force had: it created a regulated euro stablecoin category. EURC (Circle) and a handful of bank-issued euro EMTs now circulate, and EU merchants and platforms increasingly quote in them for on-chain settlement. Volumes remain a fraction of dollar tokens, but for EU-domestic flows a euro EMT avoids FX entirely: a payout that starts and ends in euros has no reason to route through a dollar. Significant-EMT rules also cap how far a non-euro (that is, dollar) token can go as a day-to-day means of exchange inside the EU, a deliberate nudge toward euro-denominated tokens for domestic European payments.\n\n## What is the practical checklist?\n\nFor a payment company reviewing MiCA exposure in 2026:\n\n1. Inventory which stablecoins your flows touch and which user geographies can hold them.\n2. Default EU-facing flows to MiCA-compliant EMTs (USDC, EURC).\n3. Verify your providers' licensing: EMI or credit institution status for issuers, CASP status for exchanges and custodians.\n4. Check redemption terms: compliant tokens redeem at par, always, free.\n5. Document the above; MiCA compliance questions now appear in enterprise procurement and bank due diligence.\n\n## How BlindPay fits in\n\nBlindPay is a stablecoin API for [global payments](\u002Fglobal-payments): businesses send USDC or USDT and receivers get local currency over Pix, SPEI, ACH, or wire in [100+ countries](\u002Fcoverage), with KYC, sanctions screening, and travel rule handling built into the flow. USDC, the EU-compliant token, is a first-class asset across the platform, including [virtual accounts](\u002Fvirtual-accounts) that convert incoming bank transfers to USDC automatically. Regulatory questions about a specific corridor are the kind of thing worth a [conversation](\u002Fcontact).\n\nPrimary sources: the MiCA text on [EUR-Lex](https:\u002F\u002Feur-lex.europa.eu\u002Flegal-content\u002FEN\u002FTXT\u002F?uri=CELEX%3A32023R1114), ESMA's [MiCA hub](https:\u002F\u002Fwww.esma.europa.eu\u002Fesmas-activities\u002Fdigital-finance-and-innovation\u002Fmarkets-crypto-assets-regulation-mica), and the EBA's guidance on ARTs and EMTs ([eba.europa.eu](https:\u002F\u002Fwww.eba.europa.eu\u002Fregulation-and-policy\u002Fmarkets-crypto-assets-mica)). Status described as of August 2026.\n\n*This article is general information, not legal, tax, or financial advice.*\n",{"title":376,"description":638},"resources\u002Fmore\u002Fmica-stablecoin-rules-explained","pfFij6_vCNAor7q4AF9nxZA0MT5lrwt0Xn03T0MFm6A",{"id":658,"title":659,"author":6,"body":660,"categories":6,"category":348,"categoryType":6,"date":349,"description":863,"extension":351,"faq":864,"howto":6,"isBlog":365,"isChangelog":365,"meta":877,"navigation":367,"path":70,"rawbody":878,"seo":879,"stem":880,"thumbnail":6,"__hash__":881},"content\u002Fresources\u002Fmore\u002Fpsav-brazil-explained.md","PSAV in Brazil: the Central Bank's virtual asset license explained",{"type":8,"value":661,"toc":854},[662,665,668,672,675,681,685,688,714,719,723,726,729,733,736,768,771,775,778,806,810,826,828,849],[11,663,664],{},"PSAV (Prestadora de Serviços de Ativos Virtuais) is Brazil's regulatory regime for companies that provide virtual asset services: exchanging, transferring, custodying, or intermediating crypto and stablecoins for Brazilian customers. The Banco Central do Brasil created the authorization framework in Resolutions 519, 520, and 521, published November 10, 2025 and effective February 2, 2026, under the legal foundation of Law 14.478\u002F2022. Since that date, providing these services in Brazil without authorization or a transitional-regime position is illegal.",[11,666,667],{},"Brazil is not a side market for this regime. It is one of the largest stablecoin markets in the world, and Pix, the Central Bank's instant payment system used by over 150 million people, is where most stablecoin conversions land. The PSAV rules are the Central Bank taking direct supervision of the companies connecting those two worlds.",[24,669,671],{"id":670},"what-is-a-psav","What is a PSAV?",[11,673,674],{},"A PSAV is a company authorized by the Banco Central do Brasil to provide virtual asset services. The resolutions define the authorized corporate form as an SPSAV, a Sociedade Prestadora de Serviços de Ativos Virtuais: a Brazilian legal entity whose corporate purpose is virtual asset services and which meets the Central Bank's requirements for capital, governance, and compliance. In practice the terms PSAV and SPSAV describe the same regime from two angles: the activity and the entity that performs it.",[11,676,677,678,22],{},"The covered services follow the FATF definition of a virtual asset service provider (VASP): exchange between virtual assets and fiat currency, exchange between virtual assets, transfer of virtual assets, custody or administration of virtual assets, and participation in financial services related to an issuer's offer or sale of a virtual asset. A stablecoin off-ramp that converts USDC into reais over Pix sits squarely inside the first category. How those conversions work route by route is covered in ",[18,679,680],{"href":75},"USDC to BRL in 2026",[24,682,684],{"id":683},"which-rules-make-up-the-regime","Which rules make up the regime?",[11,686,687],{},"Three resolutions, one law, as of 2026:",[199,689,690,696,702,708],{},[202,691,692,695],{},[205,693,694],{},"Law 14.478\u002F2022"," created the legal framework for virtual asset services in Brazil and assigned supervision to the Banco Central do Brasil.",[202,697,698,701],{},[205,699,700],{},"Resolution 519\u002F2025"," defines the regulated activities and classifies virtual asset services within the national financial system.",[202,703,704,707],{},[205,705,706],{},"Resolution 520\u002F2025"," is the authorization rulebook: entity form, minimum capital, governance, fit-and-proper requirements for controllers and officers, and the application process. Its Article 88 created the transitional regime for companies already operating.",[202,709,710,713],{},[205,711,712],{},"Resolution 521\u002F2025"," sets the ongoing conduct rules: AML\u002FCFT obligations, customer asset segregation, reporting, and operational requirements.",[11,715,716,717,22],{},"Together they moved Brazil from a market where crypto companies operated under general law to one where the Central Bank licenses and supervises them the way it supervises payment institutions. The broader global picture, including MiCA and the GENIUS Act, is in the ",[18,718,387],{"href":368},[24,720,722],{"id":721},"who-needs-the-authorization","Who needs the authorization?",[11,724,725],{},"Any company serving Brazilian residents with virtual asset services, whether from inside Brazil or offshore. The regime deliberately closes the offshore loophole: targeting the Brazilian market triggers the requirement regardless of where the servers or the corporate entity sit. Foreign exchanges and stablecoin infrastructure companies serving Brazil face the same choice as local ones: incorporate an SPSAV and apply, or exit the market.",[11,727,728],{},"Two groups matter for the transition. Companies that started operating before the regime took effect could invoke Article 88 of Resolution 520: they file for authorization within the transitional window and continue operating legally while the Central Bank processes the application. Companies that were not operating before the cutoff must obtain authorization first and operate second. The Central Bank has shown it will enforce the boundary; it has moved against institutions running virtual asset operations outside the permitted structure.",[24,730,732],{"id":731},"what-does-a-psav-have-to-do-in-practice","What does a PSAV have to do in practice?",[11,734,735],{},"The obligations look like what Brazil already requires of payment institutions, adapted to virtual assets:",[199,737,738,744,750,756,762],{},[202,739,740,743],{},[205,741,742],{},"Corporate substance."," A Brazilian entity (the SPSAV) with the required minimum capital, local governance, and named responsible officers who pass fit-and-proper review.",[202,745,746,749],{},[205,747,748],{},"AML\u002FCFT program."," Customer identification (CPF\u002FCNPJ), transaction monitoring, sanctions screening, suspicious activity reporting to COAF, and travel rule data handling on transfers.",[202,751,752,755],{},[205,753,754],{},"Asset segregation."," Customer virtual assets separated from the company's own, with controls the Central Bank can examine.",[202,757,758,761],{},[205,759,760],{},"Reporting and transparency."," Periodic regulatory reporting, incident notification, and cooperation with Central Bank supervision.",[202,763,764,767],{},[205,765,766],{},"Tax reporting."," Alongside the BCB regime, Receita Federal expanded crypto transaction reporting through Normative Instruction 2,291\u002F2025.",[11,769,770],{},"For a business using a provider rather than becoming one, the checklist inverts: you do not need your own PSAV authorization to pay contractors in Brazil through an authorized provider. You need your provider to have one, or to be lawfully inside the transitional regime, because that is what makes the reais leg of your payout legal, supervised, and recoverable if something breaks.",[24,772,774],{"id":773},"how-does-this-affect-stablecoin-payouts-to-brazil","How does this affect stablecoin payouts to Brazil?",[11,776,777],{},"Concretely, three things changed for cross-border money movement in 2026:",[564,779,780,786,795],{},[202,781,782,785],{},[205,783,784],{},"Provider due diligence became a compliance requirement, not a preference."," If your payout provider's Brazil leg runs through an unauthorized intermediary, your payments inherit that risk. Ask any provider for its SPSAV entity, CNPJ, and regime status; a serious one publishes them.",[202,787,788,791,792,22],{},[205,789,790],{},"Receiver verification got stricter rails."," Pix already rejects transfers where the beneficiary name and CPF\u002FCNPJ do not match the receiving account, and PSAV-regulated providers must run KYC and sanctions screening on receivers before converting. The full picture of what providers verify is in ",[18,793,794],{"href":20},"stablecoin payments explained",[202,796,797,800,801,805],{},[205,798,799],{},"The market cleaned up."," Offshore providers without a Brazilian entity are exiting or restructuring, which concentrates volume in authorized providers and makes the \"which provider\" question, covered in ",[18,802,804],{"href":803},"\u002Fresources\u002Fmore\u002Fbest-stablecoin-payment-providers-2026","best stablecoin payment providers in 2026",", largely a regulatory question in Brazil.",[24,807,809],{"id":808},"how-does-blindpay-operate-under-the-psav-regime","How does BlindPay operate under the PSAV regime?",[11,811,812,813,817,818,820,821,825],{},"BlindPay's Brazilian operating entity is BLIND PAY SOCIEDADE PRESTADORA DE SERVIÇOS DE ATIVOS VIRTUAIS LTDA, a dedicated SPSAV. The company is completing the regulatory adaptation process required by Central Bank Resolution 520\u002F2025 and operates under the transitional regime set forth in Article 88 of that Resolution, which authorizes continued operation while the application is processed. Entity details, CNPJ numbers, and the full registration picture across markets are published on the ",[18,814,816],{"href":815},"\u002Flicenses","licenses page",", and our ",[18,819,496],{"href":262}," describes the program that runs on top: KYC and KYB, sanctions screening, and travel rule handling on every ",[18,822,824],{"href":823},"\u002Fusdc-to-brl","USDC or USDT to BRL"," payout.",[24,827,294],{"id":293},[11,829,830,831,836,837,841,842,846,847,22],{},"Regulatory facts from primary sources as of August 2026: Law 14.478\u002F2022 (",[18,832,835],{"href":833,"rel":834},"https:\u002F\u002Fwww.planalto.gov.br\u002Fccivil_03\u002F_ato2019-2022\u002F2022\u002Flei\u002FL14478.htm",[302],"planalto.gov.br","), Banco Central do Brasil Resolutions 519, 520, and 521 of November 10, 2025 (",[18,838,321],{"href":839,"rel":840},"https:\u002F\u002Fwww.bcb.gov.br",[302],"), the BCB's Pix documentation (",[18,843,845],{"href":319,"rel":844},[302],"bcb.gov.br\u002Fen\u002Ffinancialstability\u002Fpix_en","), and Receita Federal Normative Instruction 2,291\u002F2025. BlindPay entity and status details from the published ",[18,848,816],{"href":815},[11,850,851],{},[332,852,853],{},"This article is general information, not legal, tax, or financial advice. Businesses operating in or serving Brazil should consult Brazilian counsel on their specific regulatory position.",{"title":336,"searchDepth":337,"depth":337,"links":855},[856,857,858,859,860,861,862],{"id":670,"depth":337,"text":671},{"id":683,"depth":337,"text":684},{"id":721,"depth":337,"text":722},{"id":731,"depth":337,"text":732},{"id":773,"depth":337,"text":774},{"id":808,"depth":337,"text":809},{"id":293,"depth":337,"text":294},"PSAV is Brazil's authorization for virtual asset service providers, created by BCB Resolutions 519, 520, and 521 under Law 14.478\u002F2022. What it requires and who needs it.",[865,868,871,874],{"q":866,"a":867},"What does PSAV stand for?","Prestadora de Serviços de Ativos Virtuais, provider of virtual asset services. The Central Bank's resolutions use the corporate form SPSAV, Sociedade Prestadora de Serviços de Ativos Virtuais, for the authorized entity. Both refer to the same regime.",{"q":869,"a":870},"Who needs a PSAV authorization in Brazil?","Any company providing virtual asset services to people or businesses in Brazil: exchanging crypto for reais, transferring virtual assets, custodying them, or intermediating those services. This includes stablecoin on-ramps and off-ramps.",{"q":872,"a":873},"When did Brazil's PSAV rules take effect?","The Central Bank published Resolutions 519, 520, and 521 on November 10, 2025, effective February 2, 2026. Companies already operating got a transitional window under Article 88 of Resolution 520 to apply for authorization while continuing to operate.",{"q":875,"a":876},"Is BlindPay authorized to operate in Brazil?","BlindPay's Brazilian operating entity is a Sociedade Prestadora de Serviços de Ativos Virtuais completing the adaptation process required by Resolution 520\u002F2025, and operates under the transitional regime of Article 88. Details are on the licenses page.",{},"---\ntitle: \"PSAV in Brazil: the Central Bank's virtual asset license explained\"\ndescription: \"PSAV is Brazil's authorization for virtual asset service providers, created by BCB Resolutions 519, 520, and 521 under Law 14.478\u002F2022. What it requires and who needs it.\"\ndate: \"2026-08-15\"\ncategory: \"compliance\"\nfaq:\n  - q: \"What does PSAV stand for?\"\n    a: \"Prestadora de Serviços de Ativos Virtuais, provider of virtual asset services. The Central Bank's resolutions use the corporate form SPSAV, Sociedade Prestadora de Serviços de Ativos Virtuais, for the authorized entity. Both refer to the same regime.\"\n  - q: \"Who needs a PSAV authorization in Brazil?\"\n    a: \"Any company providing virtual asset services to people or businesses in Brazil: exchanging crypto for reais, transferring virtual assets, custodying them, or intermediating those services. This includes stablecoin on-ramps and off-ramps.\"\n  - q: \"When did Brazil's PSAV rules take effect?\"\n    a: \"The Central Bank published Resolutions 519, 520, and 521 on November 10, 2025, effective February 2, 2026. Companies already operating got a transitional window under Article 88 of Resolution 520 to apply for authorization while continuing to operate.\"\n  - q: \"Is BlindPay authorized to operate in Brazil?\"\n    a: \"BlindPay's Brazilian operating entity is a Sociedade Prestadora de Serviços de Ativos Virtuais completing the adaptation process required by Resolution 520\u002F2025, and operates under the transitional regime of Article 88. Details are on the licenses page.\"\n---\n\nPSAV (Prestadora de Serviços de Ativos Virtuais) is Brazil's regulatory regime for companies that provide virtual asset services: exchanging, transferring, custodying, or intermediating crypto and stablecoins for Brazilian customers. The Banco Central do Brasil created the authorization framework in Resolutions 519, 520, and 521, published November 10, 2025 and effective February 2, 2026, under the legal foundation of Law 14.478\u002F2022. Since that date, providing these services in Brazil without authorization or a transitional-regime position is illegal.\n\nBrazil is not a side market for this regime. It is one of the largest stablecoin markets in the world, and Pix, the Central Bank's instant payment system used by over 150 million people, is where most stablecoin conversions land. The PSAV rules are the Central Bank taking direct supervision of the companies connecting those two worlds.\n\n## What is a PSAV?\n\nA PSAV is a company authorized by the Banco Central do Brasil to provide virtual asset services. The resolutions define the authorized corporate form as an SPSAV, a Sociedade Prestadora de Serviços de Ativos Virtuais: a Brazilian legal entity whose corporate purpose is virtual asset services and which meets the Central Bank's requirements for capital, governance, and compliance. In practice the terms PSAV and SPSAV describe the same regime from two angles: the activity and the entity that performs it.\n\nThe covered services follow the FATF definition of a virtual asset service provider (VASP): exchange between virtual assets and fiat currency, exchange between virtual assets, transfer of virtual assets, custody or administration of virtual assets, and participation in financial services related to an issuer's offer or sale of a virtual asset. A stablecoin off-ramp that converts USDC into reais over Pix sits squarely inside the first category. How those conversions work route by route is covered in [USDC to BRL in 2026](\u002Fresources\u002Fmore\u002Fusdc-to-brl-routes-2026).\n\n## Which rules make up the regime?\n\nThree resolutions, one law, as of 2026:\n\n- **Law 14.478\u002F2022** created the legal framework for virtual asset services in Brazil and assigned supervision to the Banco Central do Brasil.\n- **Resolution 519\u002F2025** defines the regulated activities and classifies virtual asset services within the national financial system.\n- **Resolution 520\u002F2025** is the authorization rulebook: entity form, minimum capital, governance, fit-and-proper requirements for controllers and officers, and the application process. Its Article 88 created the transitional regime for companies already operating.\n- **Resolution 521\u002F2025** sets the ongoing conduct rules: AML\u002FCFT obligations, customer asset segregation, reporting, and operational requirements.\n\nTogether they moved Brazil from a market where crypto companies operated under general law to one where the Central Bank licenses and supervises them the way it supervises payment institutions. The broader global picture, including MiCA and the GENIUS Act, is in the [stablecoin regulation tracker](\u002Fresources\u002Fmore\u002Fstablecoin-regulation-tracker-2026).\n\n## Who needs the authorization?\n\nAny company serving Brazilian residents with virtual asset services, whether from inside Brazil or offshore. The regime deliberately closes the offshore loophole: targeting the Brazilian market triggers the requirement regardless of where the servers or the corporate entity sit. Foreign exchanges and stablecoin infrastructure companies serving Brazil face the same choice as local ones: incorporate an SPSAV and apply, or exit the market.\n\nTwo groups matter for the transition. Companies that started operating before the regime took effect could invoke Article 88 of Resolution 520: they file for authorization within the transitional window and continue operating legally while the Central Bank processes the application. Companies that were not operating before the cutoff must obtain authorization first and operate second. The Central Bank has shown it will enforce the boundary; it has moved against institutions running virtual asset operations outside the permitted structure.\n\n## What does a PSAV have to do in practice?\n\nThe obligations look like what Brazil already requires of payment institutions, adapted to virtual assets:\n\n- **Corporate substance.** A Brazilian entity (the SPSAV) with the required minimum capital, local governance, and named responsible officers who pass fit-and-proper review.\n- **AML\u002FCFT program.** Customer identification (CPF\u002FCNPJ), transaction monitoring, sanctions screening, suspicious activity reporting to COAF, and travel rule data handling on transfers.\n- **Asset segregation.** Customer virtual assets separated from the company's own, with controls the Central Bank can examine.\n- **Reporting and transparency.** Periodic regulatory reporting, incident notification, and cooperation with Central Bank supervision.\n- **Tax reporting.** Alongside the BCB regime, Receita Federal expanded crypto transaction reporting through Normative Instruction 2,291\u002F2025.\n\nFor a business using a provider rather than becoming one, the checklist inverts: you do not need your own PSAV authorization to pay contractors in Brazil through an authorized provider. You need your provider to have one, or to be lawfully inside the transitional regime, because that is what makes the reais leg of your payout legal, supervised, and recoverable if something breaks.\n\n## How does this affect stablecoin payouts to Brazil?\n\nConcretely, three things changed for cross-border money movement in 2026:\n\n1. **Provider due diligence became a compliance requirement, not a preference.** If your payout provider's Brazil leg runs through an unauthorized intermediary, your payments inherit that risk. Ask any provider for its SPSAV entity, CNPJ, and regime status; a serious one publishes them.\n2. **Receiver verification got stricter rails.** Pix already rejects transfers where the beneficiary name and CPF\u002FCNPJ do not match the receiving account, and PSAV-regulated providers must run KYC and sanctions screening on receivers before converting. The full picture of what providers verify is in [stablecoin payments explained](\u002Fresources\u002Fmore\u002Fstablecoin-payments-guide).\n3. **The market cleaned up.** Offshore providers without a Brazilian entity are exiting or restructuring, which concentrates volume in authorized providers and makes the \"which provider\" question, covered in [best stablecoin payment providers in 2026](\u002Fresources\u002Fmore\u002Fbest-stablecoin-payment-providers-2026), largely a regulatory question in Brazil.\n\n## How does BlindPay operate under the PSAV regime?\n\nBlindPay's Brazilian operating entity is BLIND PAY SOCIEDADE PRESTADORA DE SERVIÇOS DE ATIVOS VIRTUAIS LTDA, a dedicated SPSAV. The company is completing the regulatory adaptation process required by Central Bank Resolution 520\u002F2025 and operates under the transitional regime set forth in Article 88 of that Resolution, which authorizes continued operation while the application is processed. Entity details, CNPJ numbers, and the full registration picture across markets are published on the [licenses page](\u002Flicenses), and our [compliance page](\u002Fcompliance) describes the program that runs on top: KYC and KYB, sanctions screening, and travel rule handling on every [USDC or USDT to BRL](\u002Fusdc-to-brl) payout.\n\n## Methodology and sources\n\nRegulatory facts from primary sources as of August 2026: Law 14.478\u002F2022 ([planalto.gov.br](https:\u002F\u002Fwww.planalto.gov.br\u002Fccivil_03\u002F_ato2019-2022\u002F2022\u002Flei\u002FL14478.htm)), Banco Central do Brasil Resolutions 519, 520, and 521 of November 10, 2025 ([bcb.gov.br](https:\u002F\u002Fwww.bcb.gov.br)), the BCB's Pix documentation ([bcb.gov.br\u002Fen\u002Ffinancialstability\u002Fpix_en](https:\u002F\u002Fwww.bcb.gov.br\u002Fen\u002Ffinancialstability\u002Fpix_en)), and Receita Federal Normative Instruction 2,291\u002F2025. BlindPay entity and status details from the published [licenses page](\u002Flicenses).\n\n*This article is general information, not legal, tax, or financial advice. Businesses operating in or serving Brazil should consult Brazilian counsel on their specific regulatory position.*\n",{"title":659,"description":863},"resources\u002Fmore\u002Fpsav-brazil-explained","52i_7jl2ljJvFRnIXOKjkSp9rt2makQcDChR71jbj-c",{"id":4,"title":5,"author":6,"body":883,"categories":6,"category":348,"categoryType":6,"date":349,"description":350,"extension":351,"faq":1089,"howto":6,"isBlog":365,"isChangelog":365,"meta":1094,"navigation":367,"path":368,"rawbody":369,"seo":1095,"stem":371,"thumbnail":6,"__hash__":372},{"type":8,"value":884,"toc":1078},[885,887,891,893,895,897,901,903,905,907,909,911,913,915,921,923,925,927,929,995,997,999,1001,1015,1017,1019,1021,1039,1043,1045,1055,1057,1074],[11,886,13],{},[11,888,16,889,22],{},[18,890,21],{"href":20},[24,892,27],{"id":26},[11,894,30],{},[11,896,33],{},[11,898,36,899,41],{},[18,900,40],{"href":39},[24,902,45],{"id":44},[11,904,48],{},[11,906,51],{},[11,908,54],{},[24,910,58],{"id":57},[11,912,61],{},[11,914,64],{},[11,916,67,917,72,919,22],{},[18,918,71],{"href":70},[18,920,76],{"href":75},[24,922,80],{"id":79},[11,924,83],{},[11,926,86],{},[24,928,90],{"id":89},[92,930,931,945],{},[95,932,933],{},[98,934,935,937,939,941,943],{},[101,936,103],{},[101,938,106],{},[101,940,109],{},[101,942,112],{},[101,944,115],{},[117,946,947,959,971,983],{},[98,948,949,951,953,955,957],{},[122,950,124],{},[122,952,127],{},[122,954,130],{},[122,956,133],{},[122,958,136],{},[98,960,961,963,965,967,969],{},[122,962,141],{},[122,964,144],{},[122,966,147],{},[122,968,150],{},[122,970,153],{},[98,972,973,975,977,979,981],{},[122,974,158],{},[122,976,161],{},[122,978,164],{},[122,980,167],{},[122,982,170],{},[98,984,985,987,989,991,993],{},[122,986,175],{},[122,988,178],{},[122,990,181],{},[122,992,184],{},[122,994,187],{},[11,996,190],{},[24,998,194],{"id":193},[11,1000,197],{},[199,1002,1003,1007,1011],{},[202,1004,1005,208],{},[205,1006,207],{},[202,1008,1009,214],{},[205,1010,213],{},[202,1012,1013,220],{},[205,1014,219],{},[11,1016,223],{},[24,1018,227],{"id":226},[11,1020,230],{},[199,1022,1023,1027,1031,1035],{},[202,1024,1025,238],{},[205,1026,237],{},[202,1028,1029,244],{},[205,1030,243],{},[202,1032,1033,250],{},[205,1034,249],{},[202,1036,1037,256],{},[205,1038,255],{},[11,1040,259,1041,264],{},[18,1042,263],{"href":262},[24,1044,268],{"id":267},[11,1046,271,1047,276,1049,281,1051,286,1053,22],{},[18,1048,275],{"href":274},[18,1050,280],{"href":279},[18,1052,285],{"href":284},[18,1054,290],{"href":289},[24,1056,294],{"id":293},[11,1058,297,1059,304,1062,310,1065,316,1068,322,1071,328],{},[18,1060,303],{"href":300,"rel":1061},[302],[18,1063,309],{"href":307,"rel":1064},[302],[18,1066,315],{"href":313,"rel":1067},[302],[18,1069,321],{"href":319,"rel":1070},[302],[18,1072,327],{"href":325,"rel":1073},[302],[11,1075,1076],{},[332,1077,334],{},{"title":336,"searchDepth":337,"depth":337,"links":1079},[1080,1081,1082,1083,1084,1085,1086,1087,1088],{"id":26,"depth":337,"text":27},{"id":44,"depth":337,"text":45},{"id":57,"depth":337,"text":58},{"id":79,"depth":337,"text":80},{"id":89,"depth":337,"text":90},{"id":193,"depth":337,"text":194},{"id":226,"depth":337,"text":227},{"id":267,"depth":337,"text":268},{"id":293,"depth":337,"text":294},[1090,1091,1092,1093],{"q":354,"a":355},{"q":357,"a":358},{"q":360,"a":361},{"q":363,"a":364},{},{"title":5,"description":350},1786947887277]