Itaú Is Brazil's First Bank to Formalize Crypto — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Itaú Unibanco notified Brazil's central bank on Tuesday that it provides crypto trading and custody, becoming the first Brazilian bank to formalize a crypto brokerage under the new rules ahead of the Oct. 30 deadline.
- Itaú Unibanco offers 15 cryptoassets, including bitcoin, ETH and USDC, and has operated the service since December 2023; user counts and trading volumes remain undisclosed.
- Resolution 520 took effect Feb. 2 and gave eligible financial institutions already active in crypto 270 days to notify the regulator, with submissions requiring independent technical certification.
- Brazil's central bank separates already-authorized banks, which can notify it, from dedicated virtual-asset service providers, which must submit an operating-authorization application.
- Resolution 520 requires institutions that miss the Oct. 30 notification deadline to stop providing crypto services within 30 days; the same cutoff applies to authorization applications from dedicated providers already operating when the rules took effect.
- Mercado Bitcoin has said it is seeking authorization to operate as a virtual-asset brokerage, placing it among dedicated providers that must apply under the Oct. 30 deadline.
- Brazil's central bank moved the start date to Nov. 6, when banks and other authorized institutions become barred from crypto business with unauthorized providers.
Why it matters: For Brazilian banks already active in crypto, the framework creates a different route from dedicated providers: banks notify, while virtual-asset firms apply. Itaú’s filing ahead of Oct. 30 subjects its 15-asset service to independent technical certification; missed deadlines trigger a 30-day halt, and Nov. 6 bars business with unauthorized providers.
Ask SkimNews
