Brazil's Regulator Gives Its Tokenisation Task Force 60 Days to Deliver

Brazil's CVM creates a securities tokenisation group

Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), has created a working group to develop rules for securities tokenisation. The regulator formalised the panel through an internal order, Portaria CVM/PTE 177, on 20 July 2026. Named the Grupo de Trabalho de Tokenização (GTT), the group will study distributed ledger technology (DLT). It will examine how DLT can support the registration, deposit, custody, trading and settlement of tokenised securities. The CVM called the work the foundation for future regulation of the sector. The panel forms part of the regulator's wider digital-finance agenda.

The panel faces a 60-day proposal deadline

The GTT must deliver a proposal for an experimental regulatory regime within 60 days of its installation. The CVM set an initial duration of 120 days for the wider review, with the option of a single 30-day extension. Installation of the group starts both clocks. During that time, the group plans to run comparative studies of national and international experiences. It will also analyse earlier regulatory sandbox results and hold debates with regulators, market participants and civil society. A final report will then carry recommendations for permanent rules. The CVM has not set a date for any rules to take effect.

Fourteen departments will shape the proposal

The working group brings together 14 of the commission's internal departments, according to reporting on the announcement. The CVM named two of its superintendents, José Alexandre Vasco and Bruno Gomes, to coordinate the effort. One superintendency handles institutional development, the other securitisation and agribusiness. Their mandate also covers cybersecurity and the impact of decentralised technologies on the structure of Brazil's capital market.

Brazil's tokenised market has reached $2.34 billion

The CVM said Brazil's tokenised asset market has grown to about 12 billion reais, or roughly 2.34 billion dollars. Debentures and commercial notes account for close to 1.3 billion dollars of that total. Tokenised debentures and receivables have driven most of that growth. These instruments already trade under existing securities law, and the new rules aim to clarify how blockchain-based versions should work. The CVM has said the review will lay the groundwork for future regulation.

USDC held its dollar peg near publication

Dollar-pegged stablecoins stay in focus across global tokenisation debates. USDC traded at 1.00 dollar, with a market capitalisation near 73.1 billion dollars at the time of publication (CoinPaprika, 20 July 2026). The stablecoin ranked fifth among all crypto assets by market value. Its 24-hour trading volume passed 11.7 billion dollars.

A 2022 guidance already treats tokens as securities

The CVM already issued guidance in 2022 stating that using blockchain does not change whether an asset qualifies as a security. Under that view, a tokenised debenture remains a debenture and falls under the same rules. The 2022 opinion remains the regulator's main reference for token classification. The CVM has also tested blockchain-based issuance and secondary trading through an earlier regulatory sandbox. That experience feeds into the new group's work.

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