Brazilian banks are expanding their cryptocurrency services significantly in response to a booming market, with Itaú and Nubank leading the charge.
Brazil's Cryptocurrency Market Flourishes
Brazil's cryptocurrency sector has experienced remarkable growth, with transactions reaching R$505.5 billion ($98.7 billion) in 2025, up from R$94.9 billion in 2020, according to Receita Federal data. Major banks such as Itaú and Nubank are capitalizing on this trend by expanding their cryptocurrency offerings.
Itaú, Brazil's largest bank by assets, has introduced investment options for 15 cryptocurrencies, including Bitcoin, Ethereum, and USDC, through its app. Nubank, the leading fintech, now supports 28 cryptocurrencies. Banco do Brasil has also entered the market, facilitating over R$11 million ($2.1 million) in Bitcoin and Ethereum transactions since January.
However, these banks do not hold any cryptocurrency assets on their balance sheets. Documents from the Central Bank indicate that as of March 2026, Brazilian banks maintained no proprietary virtual assets, despite managing cryptocurrency transactions for clients.
Regulatory Framework Fosters Growth
The expansion of crypto services aligns with Brazil's evolving regulatory environment. The Legal Framework for Virtual Assets, established in 2022, granted the Central Bank oversight of the sector. New regulations introduced in November 2025 require entities facilitating crypto trading or custody to be licensed and to maintain client funds in separate accounts, with compliance expected by October 30.
These regulations have encouraged banks to broaden their crypto offerings, with Carlos Akira Sato, co-founder of Syscapital, noting that clearer guidelines make it safer for banks to launch new products. Additionally, a recent resolution categorizes transactions involving dollar-pegged tokens as foreign exchange operations, imposing similar reporting standards as international money transfers.
Banco Safra has also made headlines by launching its own dollar-pegged stablecoin, Safra Dólar, in September 2025, allowing clients to gain dollar exposure without opening foreign accounts. This reflects a trend where banks are developing their own stablecoin solutions rather than relying on crypto-native firms.
Despite the significant increase in cryptocurrency transactions, none of the banks have opted to invest their own funds in cryptocurrencies, as this would expose them to market risks. With around 120 crypto firms currently operating in Brazil, many are racing to meet the October 30, 2026 compliance deadline, while banks that have already achieved this are well-positioned for continued growth in their offerings.
