Brazil's Largest Bank Itaú Becomes First to Complete Crypto Brokerage Registration

TechFlow reported on October 28, citing CoinDesk, that Brazil's largest private bank Itaú Unibanco has completed formal registration for its cryptocurrency trading and custody services under the country's new digital asset rules, becoming the first bank in Brazil to complete the process.

According to local media Valor Econômico, the bank submitted notification to the Central Bank of Brazil on Tuesday, ahead of the October 30 compliance deadline. Under the regulatory framework, banks already authorized by the central bank may provide crypto services through a notification process, while dedicated virtual asset service providers must apply for operating authorization. According to its website, Itaú Unibanco offers 15 crypto assets, including Bitcoin, Ether, and the dollar-pegged stablecoin USDC; the service launched in December 2023, and the bank has not disclosed customer numbers or trading volumes.

Its trading and custody offering corresponds to the broker-dealer category under the rules. Central Bank of Brazil Resolution No. 520 took effect on February 2, giving eligible financial institutions already conducting crypto business 270 days to notify regulators. Submissions must include an independent technical certification demonstrating compliance; institutions that miss the deadline must stop offering crypto services within 30 days. The same deadline also applies to authorization applications from dedicated crypto service providers that were already operating when the rules took effect.

Source: TechFlow