This study presents a detailed assessment on the impact of the Brazilian legal framework related to the access and benefit sharing provisions of the UN Convention on Biological Diversity. The research is based on a comprehensive dataset that was systematically collected over several years, directly from the official government bodies responsible for its implementation. The aim of the study is to contribute to a fact-based discussion on the effectiveness of national ABS laws, focusing on the Brazilian legal framework, first established in the year 2000 and revised in 2015, as a case example. This study balances the costs and benefits of the Brazilian ABS system and assesses the regulatory challenges it poses to individuals, companies, and institutions that perform research, share knowledge, develop, manufacture or market products derived from Brazilian biodiversity. The study indicates that, after over 22 years of operation, the regulatory challenges are still real and relevant, and that the significant volume of data collected from users on access, prior commercialization and shipment of genetic materials abroad was never systematically assessed by the agencies in charge. Besides, it shows that the costs incurred by the government in managing the policy itself have been higher than the economic benefits it has made possible, and that the institutional mechanisms in place since 2015 have not been able to allocate the monetary benefits contributed by users to the National Benefit Sharing Fund to any projects aimed at developing sustainable uses or preserving Brazilian biodiversity.