The initiative will tackle essential aspects such as official ownership documentation, private key management, transaction reversibility, and liability within the system.
By Francisco Rodrigues|Edited by Sheldon Reback Jul 20, 2026, 12:02 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on The Brazilian securities regulator is exploring tokenization within the nation. (Rafaela Biazi/Unsplash)SummaryShow- The Comissão de Valores Mobiliários (CVM) of Brazil has established a team to create a framework for tokenized securities, with a primary proposal expected within 60 days.
- This framework will focus on critical areas including official ownership records, private key storage, transaction reversibility, and liability.
- The market for real-world assets in Brazil is currently valued at approximately 12 billion reais ($2.34 billion), with insights from previous sandbox trials being utilized to shape new regulations.
Brazil's securities authority, the Comissão de Valores Mobiliários (CVM), has announced the formation of a task force aimed at developing an experimental framework for tokenized securities.
The regulator stated that this framework will encompass the registration, custody, trading, and settlement processes of securities utilizing distributed ledger technology.
The newly formed group is tasked with presenting its initial proposal to the CVM’s board within 60 days of its establishment, with a comprehensive evaluation period extending to 120 days, which may be extended by an additional 30 days.
This task force includes 14 departments from the CVM and may seek input from government bodies, market associations, self-regulatory organizations, and external experts. It will also assess cybersecurity challenges, international regulatory practices, and findings from past sandbox initiatives, according to the regulator.
Brazil's existing securities laws are applied based on the economic characteristics of a token. The CVM’s guidance from 2022 clarified that the use of blockchain technology does not alter a token's classification as a security.
The upcoming review will emphasize the operational aspects surrounding the asset.
Blockchains can integrate functions typically handled separately by exchanges, custodians, registrars, depositories, and settlement systems, leading to questions about the authority over official ownership records, management of private keys, the conditions under which transactions might be reversed, and accountability in the event of system failures.
The market for tokenized assets in Brazil has been on a consistent upward trajectory. Data from the Brazilian tracking platform RWA Monitor indicates that the real-world asset market in Brazil is now valued at around 12 billion reais, approximately $2.34 billion. Of this total, debentures and commercial notes account for about $1.3 billion.
The CVM has previously experimented with blockchain-based issuance and secondary market trading through its regulatory sandbox. The new task force will review these past experiments while considering a more comprehensive framework for securities managed, held, and traded on distributed ledgers.
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Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
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