Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), is preparing to introduce an experimental regime for securities within the next 60 days, aiming to lay the groundwork for regulating tokenized securities markets in the country. A dedicated working group has been established to draft the rules and procedures that will underpin the framework.
Working Group to Design Experimental Regime
The CVM has formed a specialized group to propose regulations for an upcoming pilot regime focused on securities. According to the agency, the group will develop guidelines that serve as the basis for national oversight, addressing how tokenized instruments are issued, offered, and traded.
Focus on Tokenized Securities
Tokenization refers to representing assets such as equities, debt instruments, or fund shares on distributed ledger technology. By clarifying how these instruments fit within Brazil’s securities laws, the CVM seeks to provide legal certainty to issuers, service providers, and investors operating in digital markets.
Implications for Brazil’s Capital Markets
A structured pilot could accelerate institutional adoption of blockchain-based market infrastructure in Brazil, enabling more efficient issuance and secondary trading, with potential improvements in transparency and settlement. Clearer rules are also expected to help differentiate securities tokens from other digital assets that fall outside the CVM’s remit.
Next Steps
The working group’s proposals will inform the experimental regime expected within two months. Further details on eligibility, scope, and supervisory processes are anticipated as the CVM advances the initiative.