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Brazil’s largest lender becomes first bank to formalize crypto brokerage under new rules

By CoinDesk

Itaú Unibanco, Brazil’s largest private bank, formalized its cryptocurrency trading and custody operations under the country’s new digital-asset rules, becoming the first bank in the country to do so.

The lender submitted its notification to the central bank on Tuesday, ahead of an Oct. 30 compliance deadline, according to local news outlet Valor Econômico

The regulatory framework allows banks already authorized by the central bank to follow a notification process for offering crypto services. Dedicated virtual-asset service providers (VASPs), in contrast, must apply for operating authorization.

Itaú Unibanco offers 15 cryptoassets, including bitcoin (BTC), ether (ETH) and the dollar-pegged stablecoin USDC, according to its website. It has not disclosed customer numbers or trading volumes for the service, which started in December 2023.

Itaú’s combination of trading and custody corresponds to the brokerage category under the rules.

The central bank’s Resolution 520 took effect on Feb. 2 and gave eligible financial institutions already active in crypto 270 days to notify the regulator. Submissions must include an independent technical certification showing they meet its requirements. Those that miss the deadline must stop providing crypto services within 30 days.

The same deadline applies to authorization applications from dedicated crypto providers already operating when the rules took effect. Brazilian exchange Mercado Bitcoin has said it is seeking authorization to operate as a virtual-asset brokerage.

In September, the central bank pushed to Nov. 6 the date from which banks and other authorized institutions are barred from doing crypto business with unauthorized providers.

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