Itaú Unibanco, Brazil’s largest private bank, has formalized its cryptocurrency trading and custody operations under the country’s new digital-asset rules, becoming the first bank in Brazil 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. Itaú’s combination of trading and custody corresponds to the brokerage category under the rules.
Services and disclosure
Itaú offers 15 cryptoassets, including bitcoin, ether and the dollar-pegged stablecoin USDC, according to its website. The service began in December 2023. The bank has not disclosed customer numbers or trading volumes for the service.
How the framework works
Under the rules, banks already authorized by the central bank can use a notification process to offer crypto services. Dedicated virtual-asset service providers must instead apply for operating authorization.
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. Institutions that miss the deadline must stop providing crypto services within 30 days.
The same deadline applies to authorization applications from dedicated crypto providers that were already operating when the rules took effect. Brazilian exchange Mercado Bitcoin has said it is seeking authorization to operate as a virtual-asset brokerage.
In September, the central bank pushed to Nov. 6 the date from which banks and other authorized institutions are barred from doing crypto business with unauthorized providers.
