Itaú becomes first Brazilian bank to formalize crypto trading

Itaú Unibanco, Brazil’s largest private bank, has formally registered its cryptocurrency trading and custody activities with the country’s central bank, becoming the first Brazilian bank to complete the notification process under the new digital asset regulations.

According to a report by Valor Econômico, the lender submitted its notification on October 27, three days before the October 30 deadline for financial institutions already offering cryptocurrency services to comply with the central bank’s requirements.

The filing covers both cryptocurrency trading and custody, which fall under the virtual asset brokerage category established by the regulator. Itaú already provides access to 15 digital assets, including Bitcoin, Ethereum, and the USDC stablecoin, through its investment platform.

Unlike cryptocurrency exchanges and other dedicated virtual asset service providers, Itaú did not need to apply for a separate operating license because it is already authorized and supervised by Brazil’s central bank.

Itaú crypto trading services have been available since 2023

Although the latest filing formally brings Itaú’s cryptocurrency business under the new regulatory framework, the bank has been offering digital asset investments for nearly three years.

Its cryptocurrency trading service initially launched in December 2023, allowing customers to purchase Bitcoin and Ethereum through the bank’s Íon investment platform.

The service was gradually made available to more customers before Itaú opened cryptocurrency trading to all users of the platform in June 2024.

At the time, Guto Antunes, head of Itaú Digital Assets, said the expansion followed customer surveys conducted during the initial rollout, which indicated considerable interest in cryptocurrency investments.

Since then, the bank has expanded its selection to 15 cryptocurrencies, according to its official investment website.

Despite operating the service for several years, Itaú has not publicly disclosed how many customers use its cryptocurrency platform or the total value of transactions processed through it.

In September, crypto.news previously reported that Brazil’s major banks had been expanding their cryptocurrency offerings, with Nubank providing access to 28 digital assets and Banco do Brasil introducing Bitcoin and Ethereum trading earlier this year.

Central bank filings reviewed by Brazilian newspaper Folha de S.Paulo showed that the country’s banks held no cryptocurrencies on their own balance sheets as of March 2026, even as they continued offering trading and custody services to customers.

Itaú has been working on other blockchain applications as well. In August, the bank joined a tokenization pilot organized by Brazilian financial markets association ANBIMA to explore the issuance, trading, and settlement of tokenized bonds and investment funds.

Brazil’s crypto regulations set different requirements for banks and exchanges

Brazil’s central bank introduced its new cryptocurrency regulatory framework through a series of resolutions that took effect on February 2, 2026.

Under Resolution 520, financial institutions already authorized by the regulator can provide cryptocurrency services through a notification procedure, provided they meet the applicable requirements.

For institutions that were already operating when the rules took effect, the central bank established a 270-day transition period ending October 30.

The notification must be accompanied by an independent technical certification confirming compliance with the regulator’s requirements, including the operational and security standards applicable to virtual asset services.

Institutions that fail to complete the process by the deadline must discontinue their cryptocurrency services within 30 days.

Dedicated cryptocurrency businesses face a different procedure. Exchanges and other virtual asset service providers operating before February 2 must submit formal authorization applications to continue operating under the new rules.

The regulatory requirements have already prompted several cryptocurrency companies to reconsider their operations in Brazil.

A recent report on licensing requirements found that fewer than 10% of cryptocurrency companies were expected to pursue authorization, with smaller businesses facing concerns over compliance costs and capital requirements.

Meanwhile, Binance submitted its licensing application ahead of the October 30 deadline, joining several other cryptocurrency businesses seeking approval from the central bank.

Mercado Bitcoin, one of Brazil’s largest domestic cryptocurrency exchanges, has similarly indicated that it intends to pursue authorization under the new framework.

Central bank sets November deadline for unauthorized crypto providers

Brazil’s central bank has separately adjusted the timetable governing relationships between regulated financial institutions and cryptocurrency service providers that lack authorization.

In September, the regulator issued Resolution 589, moving the start of restrictions on dealings with unauthorized virtual asset providers from October 30 to November 6.

From that date, banks, payment institutions, and other entities supervised by the central bank will generally be prohibited from conducting cryptocurrency transactions with service providers that are neither authorized nor covered by an applicable regulatory exception.

The September changes introduced further reporting requirements for cryptocurrency businesses operating during the transition period, including information about customer asset balances, custody holdings, and proof of reserves.

Those reporting provisions are scheduled to take effect on January 1, 2027, under procedures to be established by the central bank.

Separately, Brazil introduced new reporting requirements on October 1 for covered institutions handling cryptocurrency transfers worth at least $10,000 to or from self-custody wallets.

Under Resolution 588, qualifying transfers must be reported to the country’s financial intelligence authority, the Council for Financial Activities Control, known as Coaf.