Brazil’s securities regulator sets up task force with 60-day deadline for tokenization proposal
CoinDesk 2026-07-20 12:02:28
Context: Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), has formed a working group to draft an experimental framework for tokenized securities, with a primary proposal due within 60 days. The framework will address critical issues related to the registration, custody, trading, and settlement of securities using distributed ledger technology. This move comes as Brazil's real-world asset market has grown to approximately 12 billion reais ($2.34 billion).
Key Facts
- The working group, consisting of 14 CVM departments, may consult government agencies, market associations, self-regulatory bodies, and outside specialists to inform its proposal.
- The framework will cover critical issues like official ownership records, private key custody, transaction reversibility, and system liability in the context of tokenized securities.
- Brazil's securities regulator has previously tested blockchain-based issuance and secondary trading through its regulatory sandbox, which will be reviewed as part of the new working group's considerations.
- The country's real-world asset market has reached roughly 12 billion reais ($2.34 billion), with debentures and commercial notes making up about $1.3 billion of that total.
- The CVM's 2022 guidance clarified that using blockchain does not change whether an asset qualifies as a security, and the new review will focus on what happens around the asset, including questions of control, custody, and liability.