Summary
Brazil's CVM established a 120-day working group to propose rules for securities tokenization, with a 60-day deadline for an experimental regulatory regime proposal. The initiative addresses surging demand: $740M+ in tokenization volume expected in 2025. Brazil is emerging as one of the most proactive emerging-market regulators on tokenization, with roughly 90% of its crypto transaction volume denominated in dollar-pegged stablecoins.
Key Points
- Working group: 14 CVM employees + external participants; 120-day mandate (extendable by 30)
- First deliverable (60 days): experimental regulatory regime proposal for securities tokenization
- Final deliverable (120 days): conclusive report with regulatory recommendations
- Scope: registration, deposit, custody, trading, settlement of security tokens
- Activities: comparative studies, sandbox analysis, regulator/market debates, cybersecurity assessment
- Market context: $740M+ tokenization volume expected in 2025
- Crowdfunding rules: issuances up to $2.78M with 180-day duration
- CVM President Lobo: "a structural transformation of the capital market"
- Broader Brazil crypto regulation: VASP rules (same risk, same rules), CBDC guardrails (Bill 2946), central bank audits
- Stablecoin context: ~90% of Brazil's crypto volume in dollar-pegged stablecoins
- Comparison: similar to EU's DLT Pilot Regime, UK's Digital Securities Sandbox, Singapore's sandbox approach