CoinDesk
Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), has stood up a working group of 14 internal departments to draft an experimental framework for tokenized securities, with a primary proposal due to the CVM board within 60 days of installation and a broader review running 120 days with a possible 30-day extension.
The framework will address the structural questions every RWA market is now wrestling with: official ownership records on a distributed ledger, private key custody, transaction reversibility, and liability when on-chain settlement systems fail. The group may also consult government agencies, market associations, self-regulatory bodies and outside specialists, and will weigh cybersecurity risk, international regulatory models and the results of prior CVM sandbox programs.
Why it matters
Blockchains collapse functions that are normally split between exchanges, custodians, registrars, depositories and settlement systems, so the regulatory question is no longer whether a tokenized asset is a security (Brazil's 2022 guidance already said it is) but who plays each of those traditional roles once the rails are native to a ledger. A sandbox-tested, multi-department framework gives the CVM a credible path to write that mapping into actual rule, and a 60-day first-proposal deadline signals the regulator wants output, not another consultation paper.
Market impact
Brazil's tokenized real-world asset market has already reached roughly 12 billion reais (around $2.34 billion) per domestic tracker RWA Monitor, with debentures and commercial notes making up about $1.3 billion of that base. CEX volumes tied to the sector reinforced the bid in June, with RWA perpetual volumes hitting a record $311B as spot CEX volumes rose 15.3% to $1.11T, the first monthly increase in five months. Clearer Brazilian rules would land on top of an issuer base that is already moving on-chain and would give cross-border RWA protocols a second major-jurisdiction template to reference alongside the US and EU workstreams.
Frequently asked questions
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What did Brazil's CVM actually announce?
The Comissão de Valores Mobiliários formed a working group of 14 internal departments to draft an experimental framework for tokenized securities, with a first proposal due to the CVM board within 60 days and a broader review running 120 days.
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What issues will the new framework cover?
Registration, custody, trading and settlement of securities on distributed ledgers, plus ownership records, private key custody, transaction reversibility, system liability and cybersecurity risk, drawing on prior CVM sandbox experiments and international models.
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How big is Brazil's tokenized asset market today?
Around 12 billion reais, roughly $2.34 billion, per domestic tracker RWA Monitor, with debentures and commercial notes accounting for about $1.3 billion of that total.
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Does Brazil already regulate tokenized assets as securities?
Yes. The CVM's 2022 guidance clarified that using blockchain does not change whether an asset qualifies as a security, and Brazil already applies securities law according to a token's economic characteristics. The new review targets what happens around the asset, not its classification.
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Who will the working group consult?
The group may consult government agencies, market associations, self-regulatory bodies and outside specialists, alongside the 14 CVM departments, and will weigh results from earlier CVM sandbox programs that tested blockchain-based issuance and secondary trading.
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