Brazil Regulator Sets 60-Day Deadline for Crypto Token Rules

Distributed ledgers can combine functions normally handled by separate institutions. Exchanges, custodians, registrars, depositories, and settlement systems may share one platform. Brazil wants clearer responsibilities for operators managing several functions.

The review will examine who maintains the official ownership record. It will assess private-key custody and rules for reversing transactions. Brazil will also determine liability when platforms experience failures.

Existing securities law already classifies tokens by their economic characteristics. CVM guidance from 2022 confirmed that blockchain does not change that classification. The new review targets services surrounding tokenized securities.

Brazil’s real-world asset market totals about 12 billion reais, according to RWA Monitor. That equals roughly $2.34 billion under the platform’s estimate. Debentures and commercial notes represent about $1.3 billion.

Market growth has increased regulatory attention on infrastructure and accountability. The task force will prepare its proposal for the CVM board. Consultations and technical analysis will continue during the broader review.