Krafton has set up a holding company in Brazil. KRAFTON BRASIL HOLDINGS LTDA was registered in São Paulo on October 26, 2026, with 12 million reais in capital, and Krafton, Inc. is its only investor, according to Brazilian tax records first reported by Inven Global.
The PUBG and BGMI publisher has not announced the company or said what it will do. On the same day the entity was registered, Krafton reportedly said that no official decision had been made on a Brazilian subsidiary. The paperwork tells a different story.
What the CNPJ certificate shows
A CNPJ certificate is Brazil’s official business registration, issued by the Federal Revenue Service (Receita Federal). The certificate for KRAFTON BRASIL HOLDINGS LTDA lists the company as active from its founding date.
| Detail | Record |
|---|---|
| Company name | KRAFTON BRASIL HOLDINGS LTDA |
| Registered | October 26, 2026 |
| Status | Active (ATIVA) |
| Location | São Paulo, SP |
| Legal form | Limited liability company (Sociedade Empresária Limitada) |
| Main activity | Holding company of non-financial institutions |
| Secondary activities | Information services, management consulting, office support |
| Capital | 12 million reais |
| Sole investor | KRAFTON, INC. |
| Manager | Sandra Gomes Duarte, Krafton’s local legal representative |
A holding company owns and manages shares in other businesses. In other words, this looks less like a game studio or publishing office and more like a vehicle for future investments, acquisitions or local subsidiaries.
A former Bluehole CEO is leading Krafton’s Latin America push
The Brazilian company did not appear out of nowhere. According to Inven Global, Krafton has created a Brazil Strategy Development Department at its headquarters to plan its medium- and long-term strategy for Latin America. It is led by Kim Hyo-sub, who ran Bluehole, the studio behind PUBG and Krafton’s predecessor, from 2017 to 2020. Industry watchers also say Krafton chairman Chang Byung-gyu has long seen Latin America as the company’s next big hub.
Why Brazil makes sense for Krafton
Brazil is one of the largest gaming markets in the world by players, even if spending lags behind. Inven Global cites these figures:
| Metric | Figure | Source |
|---|---|---|
| Brazil gaming revenue (2025) | $2.7 billion, 9th in the world | Newzoo |
| Players in Brazil | 123.3 million | Newzoo |
| Latin America gaming revenue | $8.3 billion, up 6.4% | Newzoo |
| Mobile game downloads | 4.2 billion, 3rd in the world | AppMagic |
| Mobile player spending | $562 million, 14th in the world | AppMagic |
Brazil also has competitive pedigree in PUBG. Its national team won the PUBG Nations Cup 2026 in Seoul on June 28 with 124 points, which Krafton noted was the first win for a team from the Americas.
New Brazilian laws change the rules for game companies
The legal backdrop has shifted too. Brazil’s Marco Legal dos Games (Law No. 14.852), signed in May 2024, lets games be developed and run without prior government approval and opens cultural funding programmes to developers. On the other side, the ECA Digital law (Law No. 15.211), in force since March 17, 2026, bans loot boxes in games that minors can access. Any monetisation Krafton plans for Brazil will have to work within that rule.
Krafton has not said what comes next
For now, the purpose of KRAFTON BRASIL HOLDINGS is unclear, and Krafton has not shared any local business plans. A holding structure with a dedicated strategy team behind it suggests investments or acquisitions could follow. Until Krafton confirms it, though, this is a company on paper with a lot of room to grow.
