Overview
- Brazil's cryptocurrency market reached an unprecedented R$505.5 billion ($98.7 billion) in 2025, a significant increase from R$94.9 billion in 2020, as per Receita Federal data.
- Itaú now provides access to 15 different cryptocurrencies, while Nubank offers 28 options; Banco do Brasil reported over R$11 million ($2.1 million) in transactions for its Bitcoin and Ethereum services since January.
- Despite the growth in client-facing crypto services, filings from the Central Bank indicate that Brazilian banks held no proprietary cryptocurrency assets as of March 2026.
Itaú, recognized as Brazil's leading bank by assets under management, now allows clients to invest in 15 different cryptocurrencies through its investment app, which includes Bitcoin, Ethereum, and the USDC stablecoin.
Nubank, the largest fintech in Brazil, has expanded its offerings to include 28 cryptocurrencies. Banco do Brasil, the country's most profitable public bank, began allowing customers to purchase Bitcoin and Ethereum directly in January and reported to Folha de S.Paulo that its services have facilitated over R$11 million ($2.1 million) in transactions.
Myriad: Which company will IPO next? Click to make your prediction.Notably, these transactions do not impact the banks' balance sheets. Central Bank documents from March 2026, reviewed by Folha, indicate that Brazilian banks have no virtual asset holdings, even though they can manage and process cryptocurrencies on behalf of clients.
The recent expansion of crypto offerings by banks is a response to a booming market. As reported by Receita Federal, Brazilians transacted R$505.5 billion ($98.7 billion) in cryptocurrencies in 2025, a staggering increase compared to the R$94.9 billion recorded in 2020.
Most of the activity is driven by corporate transactions, which accounted for R$497 billion ($97 billion), or 98.3% of the total volume tracked by Receita Federal, leaving individual investors with the remaining share.
Regulatory Framework Supports Growth
The surge in crypto offerings aligns with Brazil's evolving regulatory landscape. The country established its Legal Framework for Virtual Assets in 2022, granting the Central Bank oversight of the sector. Subsequent resolutions issued in November 2025 strengthened this authority, mandating that any entity facilitating crypto trading or custody must obtain a license, maintain a minimum capital reserve, and keep client funds in separate accounts, with compliance required by October 30.
Among the new rules, Resolution 521 categorizes transactions involving dollar-pegged tokens as foreign exchange operations, which necessitates similar reporting standards as those for international money transfers. This change has brought stablecoins, which are crypto assets pegged to the dollar, under the Central Bank's regulatory scope.
This regulatory clarity has encouraged banks to expand their offerings, according to Carlos Akira Sato, co-founder of Syscapital consultancy. He noted that Brazilian banks typically approach new markets cautiously, but clearer regulations have made them "more secure to launch their products."
BitcoinBTC · USD$79,238−0.84%24H7D1M1YYTD09:00 PM03:00 AM09:00 AM02:45 PM08:45 PM$80.4k$79.8k$79.3k$78.8k24h HighHigh$80,49424h LowLow$78,707VolVol$908.9MMarket projectionsOdds by MyriadThis weekBelow $80,000Below $80k60% chancePrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →Banco Safra, a smaller bank that caters to high-net-worth individuals, has taken a significant step by launching its own dollar-pegged stablecoin, Safra Dólar, in September 2025, retaining full custody internally. This stablecoin is marketed as a solution for clients seeking dollar exposure without needing to open foreign accounts. This trend reflects a broader movement among banks to develop their own stablecoin infrastructures rather than outsourcing to crypto-native companies.
Sato pointed out that proprietary exposure only occurs when a bank purchases cryptocurrency with its own funds, thereby assuming the associated price, liquidity, and credit risks. By that standard, none of Brazil's banks have ventured into ownership yet.
Providing crypto to clients on request differs from investing the bank's own resources. With approximately 120 crypto firms currently operating in Brazil, many still unlicensed and racing to meet the October 30, 2026 deadline, the banks that have already achieved compliance are better positioned to continue expanding their offerings.