Itaú Unibanco becomes first bank to register crypto brokerage in Brazil
Brazil's largest private bank submitted its regulatory filing ahead of an Oct. 30 deadline, formalizing trading and custody for 15 digital assets under Resolution 520.
Key takeaways
- 1Itaú Unibanco registered its crypto trading and custody business with Brazil's central bank ahead of an Oct. 30 deadline.
- 2The bank offers 15 digital assets, including Bitcoin, Ether, Solana, XRP, and USDC, with a minimum investment of 10 Brazilian reais.
- 3Under Resolution 520, existing banks had a 270-day window starting Feb. 2 to submit technical compliance certifications.
- 4Banks must cut off transactions with unauthorized crypto providers beginning Nov. 6 under Resolution 589.
Itaú Unibanco, Brazil's largest private bank, submitted a regulatory filing to the Central Bank of Brazil on 27 October to formalize its cryptocurrency trading and custody operations under the country's digital asset framework. The submission makes Itaú the first bank in Brazil to register its crypto brokerage business under rules that took effect earlier this year.
Brazilian financial newspaper Valor Econômico reported that the bank completed its notification ahead of a 30 October deadline established by regulators. Itaú currently allows customers to trade 15 digital assets, including Bitcoin, Ether, Solana, XRP, and the USDC stablecoin, directly through its main banking application. Users can start investing with as little as 10 Brazilian reais, with custody managed internally by the lender. Itaú has not disclosed customer figures or transaction volumes for the service, which originally launched in December 2023.
The Central Bank of Brazil introduced Resolution 520 on 2 February, giving existing authorized financial institutions a 270-day window to comply with new standards for digital asset services. Under the rule, banks already operating under central bank oversight are permitted to register crypto services through a streamlined notification process. Submissions must include an independent technical certification proving that the institution meets operational and security requirements. Any authorized firm that misses the deadline must halt its cryptocurrency services within 30 days.
Standalone virtual asset service providers face stricter requirements than established lenders and must apply for individual operating licenses. Local exchange Mercado Bitcoin has said it is seeking formal authorization to operate as a virtual asset brokerage, while Binance submitted a license request through its local entity BBrasil on 23 October. The regulatory capital demands have already impacted smaller firms, with exchange operator Lemon choosing to exit the Brazilian market.
Brazilian authorities have also restricted how traditional lenders interact with unapproved cryptocurrency platforms. In September, the central bank pushed back a key enforcement date under Resolution 589 to 6 November. From that date onward, licensed banks will be legally required to block transactions involving unauthorized virtual asset providers, cutting off unapproved platforms from the national payment network.
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