Brazil's largest banks are integrating cryptocurrency products into their consumer platforms while maintaining a legal separation between client crypto holdings and their own balance sheets. According to Banco Central do Brasil documents, Brazilian banks reported zero virtual assets held on their balance sheets as of March 2026.
Itaú offers clients access to 15 different cryptocurrencies including Bitcoin, Ether, and USDC. Nubank's official website indicates 28 crypto assets available to consumers. Banco do Brasil, which began offering Bitcoin and Ether in January 2026, reported over R$11 million ($2.1 million) in transaction volume.
Market Growth and Transaction Volume
Brazil's cryptocurrency market has expanded significantly. Data from Receita Federal shows transaction volume reported increased from R$94.9 billion in 2020 to R$510.1 billion in 2025, representing a 5.4-fold increase. Approximately 98% of this volume, or R$499.9 billion, came from filings by legal entities including local crypto exchanges.
Stablecoins accounted for approximately 80% of all reported crypto volumes in 2025. Between August 2019 and December 2025, USDT represented 88.7% of stablecoin volume, amounting to approximately R$1 trillion. Brazil ranked as the world's fifth-largest crypto market according to Chainalysis's Global Crypto Adoption Index in 2025.
Regulatory Framework
Law No. 14,478, signed December 21, 2022, established Brazil's legal framework for virtual assets and created a permitting scheme for virtual asset service providers. Supervision and regulation were assigned to Banco Central do Brasil under Decree No. 11,563 dated June 13, 2023.
Three resolutions adopted by the BCB in November 2025 provided operational framework: Resolution BCB No. 519/2025 addresses permits, Resolution BCB No. 520/2025 governs provider controls and services, and Resolution BCB No. 521/2025 regulates virtual asset activities under foreign exchange and international investment legislation.
The framework requires custodians, intermediaries, and brokers to meet capital, governance, cybersecurity, anti-money laundering and counter-terrorism financing (AML/CFT), and consumer protection requirements. According to Chainalysis estimates, minimum capital requirements range from R$10.8 million to R$37.2 million depending on activity type, with obligations for asset segregation, auditing, and compliance with Travel Rule requirements.
Accelerated Path for Banks
Banks meeting regulatory criteria can commence crypto intermediation and custody within three months of notifying the BCB, provided they obtain necessary certification and pass regulatory assessment. Technical certification requirements were detailed in Instrução Normativa BCB No. 701, published January 23, 2026.
Assessments include customer asset segregation, proof of reserves, outsourcing arrangements, cloud-based solutions, cybersecurity, governance, and financial crime prevention measures.
Global Context
The International Monetary Fund's Global Financial Stability Report, published in April 2026, noted that widespread stablecoin use in developing economies could facilitate payment systems and improve access to dollar-denominated assets, though it could also lead to currency substitution and spillover effects across countries.
