---
title: "Asset tokenization in Brazil: the CVM, Resolution 88 crowdfunding and the Central Bank’s new regime"
url: "https://www.unknowngravity.com/en/articulos/asset-tokenization-in-brazil"
site: Unknown Gravity
published: "2026-10-02T14:56:14+00:00"
modified: "2026-10-02T14:56:14+00:00"
language: en-US
description: "Brazil is the most mature tokenization market in Latin America: more than 13.5 billion reais tokenized since 2012, nearly half of it in 2026 alone, mostly in debentures, commercial notes and…"
section: "Home > Cryptocurrencies and tokens > Asset tokenization in Brazil: the CVM, Resolution 88 crowdfunding and the Central Bank’s new regime"
---

# Asset tokenization in Brazil: the CVM, Resolution 88 crowdfunding and the Central Bank’s new regime

**Brazil is the most mature tokenization market in Latin America: more than 13.5 billion reais tokenized since 2012, nearly half of it in 2026 alone, mostly in debentures, commercial notes and receivables.** It works because the split of powers is clear: if the token is a security, the CVM is in charge; if it is a virtual asset, the Central Bank.

## The split: the CVM for securities, the Central Bank for virtual assets

The **Securities and Exchange Commission of Brazil (CVM)** supervises securities under Law 6,385/1976. Its Guidance Opinion 40 (2022) sets the test: a token is a security according to its economic substance, and the CVM has clarified that receivables and fixed-income tokens can be securities. Law 14,478/2022 created the crypto-asset framework and Decree 11,563/2023 tasked the **Central Bank of Brazil** with authorising and supervising providers, leaving out assets that are securities. Central Bank Resolutions 519, 520 and 521, in force since 2 February 2026, govern their authorisation and operation as intermediaries, custodians or brokers, with 270 days for existing providers to adapt.

## The three routes to tokenize

- **Investment crowdfunding (CVM Resolution 88/2022)**: up to 15 million reais per issuer per year; the reform under consultation proposes raising it to 25. It is the most used route for tokenized offerings.
- **Securitisation and debentures** with a fiduciary regime and segregated estate (Law 14,430/2022), recorded on DLT through authorised infrastructures such as BEE4, which left the CVM sandbox with definitive licences in 2025.
- **Funds** regulated by CVM Resolution 175.

Brazil has no general trust like the rest of the region; the segregated estate of securitisation plays that role.

## What is coming: the CVM DLT pilot

On 15 September 2026 the CVM tokenization working group delivered a proposed DLT Pilot Programme to test the issuance, trading, custody and settlement of shares, debentures, receivables certificates and fund units. It is a proposal, not yet a rule. The Central Bank’s Drex, by contrast, starts in 2026 without blockchain or tokenization.

## For an issuer from abroad

Brazil is viable if the token qualifies as a security and is placed through one of the three routes. An issuer with assets or investors in Brazil will need a regulated local partner and Brazilian counsel; we bring the technical structure and the comparison with the rest of the region.

## How we work with issuers in the country

The anatomy does not change from country to country: classification of the asset, a vehicle with segregated assets, a token with transfer restrictions, verified identity on every transfer and serious custody — the [seven-layer platform](/en/articulos/regulated-tokenization-platform) we build, with the local legal layer on top and a local counsel alongside. The full map of the region is in [asset tokenization in Latin America](/en/articulos/asset-tokenization-in-latin-america).

*Framework as of 2 October 2026, checked against official sources; regimes change — confirm the current status before structuring.* A project with assets or investors in Brazil? [Talk to us](/en/meeting).