Brazil Banks Expand Crypto Access With Zero Balance Sheet Exposure — SkimNews
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- Brazil's crypto market hit a record R$505.5 billion ($98.7 billion) in 2025, more than five times the 2020 volume, according to Receita Federal data.
- Itaú now offers 15 crypto assets through its investment app, including Bitcoin, Ethereum, and USDC, as part of a broader expansion by major Brazilian banks since 2025.
- Nubank lists 28 crypto assets for clients, reflecting aggressive shelf-stocking by fintechs and traditional banks alike under updated regulatory rules.
- Banco do Brasil reported over R$11 million ($2.1 million) in Bitcoin and Ethereum transactions since launching direct purchase options in January 2026.
- Central Bank filings show zero proprietary holdings of virtual assets by Brazilian banks as of March 2026, confirming they act only as intermediaries for clients.
- Banco Safra issued its own dollar-pegged stablecoin, Safra Dólar, in September 2025, maintaining full custody internally as a tool for domestic dollar exposure.
- Legal Framework for Virtual Assets and Central Bank Resolution 521, effective November 2025, require licensing, capital cushions, and treat stablecoin trades as foreign exchange operations, with compliance due by October 30, 2026.
Why it matters: Brazil’s banks are scaling crypto access without taking price or liquidity risk—no institution holds crypto on its balance sheet—while corporate demand drives 98.3% of transaction volume. The regulatory deadline gives compliant firms a first-mover edge over 120 unlicensed crypto operators racing to catch up.
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