Brazil's Largest Bank Itaú Becomes First to Complete Crypto Brokerage Regulatory Registration

on October 28, according to CoinDesk, Brazil's largest private bank, Itaú Unibanco, has officially registered its cryptocurrency trading and custody services under the country's new digital asset regulations, becoming the first bank in Brazil to complete the process.

According to local media Valor Econômico, the bank submitted a notification to the Central Bank of Brazil on Tuesday, ahead of the compliance deadline on October 30. Under the regulatory framework, banks already authorized by the central bank can offer crypto services via a notification process, whereas specialized virtual asset service providers must apply for operational authorization. According to its website, Itaú Unibanco offers 15 crypto assets, including Bitcoin, Ethereum, and the US dollar-pegged stablecoin USDC; the service launched in December 2023, and the bank has not disclosed customer counts or trading volumes.

Its trading and custody portfolio falls under the broker category defined by the regulations. Central Bank Resolution No. 520 took effect on February 2, granting qualified financial institutions already engaged in crypto operations 270 days to notify the regulator; submitted materials must include an independent technical certification demonstrating compliance. Entities missing the deadline must cease providing crypto services within 30 days. The same deadline also applies to authorization applications from specialized crypto service providers already in operation when the rules took effect.