Brazil’s largest lender becomes first bank to formalize crypto brokerage under new rules
- Itaú Unibanco notified Brazil’s central bank of its crypto trading and custody operations on Tuesday, ahead of an Oct. 30 deadline.
- Banks already authorized can notify the regulator while dedicated crypto providers must apply for authorization.
- Itaú offers 15 cryptoassets, including BTC, ETH and USDC, and has run the service since December 2023. It hasn’t disclosed user numbers or volumes.
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$84,459.46, ether ETH$2,490.55 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.