CoinDesk
Itaú Unibanco notified Brazil’s central bank of its crypto trading and custody operations, becoming the country’s first bank to formalize crypto brokerage under the new rules. Brazil’s largest private lender made the submission ahead of the Oct. 30 deadline. Its service covers 15 cryptoassets, including BTC, ETH and USDC, and has operated since December 2023; the bank has not disclosed user numbers or trading volumes.
Why it matters
The rules distinguish between established banks and dedicated crypto providers. Banks already authorized by the central bank can notify the regulator of their crypto services, while virtual-asset service providers must apply for operating authorization. Itaú’s combination of trading and custody falls under the brokerage category.
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 independent technical certification showing compliance. Institutions that miss the deadline must stop providing crypto services within 30 days. The same deadline applies to authorization applications from dedicated providers already operating when the rules took effect.
Market impact
Itaú’s filing puts a major Brazilian bank among the first institutions to act under the framework, offering a concrete example of how traditional lenders can continue crypto services through the notification route. Dedicated providers face a separate authorization process; exchange Mercado Bitcoin has said it is seeking approval to operate as a virtual-asset brokerage.
A further date is approaching: from Nov. 6, banks and other authorized institutions will be barred from conducting crypto business with unauthorized providers. That restriction, alongside the Oct. 30 compliance deadline, makes authorization status an important operational issue for Brazil’s crypto market.
Frequently asked questions
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How does Brazil’s new framework treat banks differently from crypto providers?
Banks already authorized by the central bank can notify it of crypto services. Dedicated virtual-asset service providers must apply for operating authorization.
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What crypto services did Itaú Unibanco notify the central bank about?
Itaú notified the central bank of its crypto trading and custody operations, which together fall under the brokerage category.
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How many cryptoassets does Itaú offer, and which are named?
Itaú offers 15 cryptoassets. The named examples are BTC, ETH and USDC.
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What must eligible institutions submit under Resolution 520?
They must notify the regulator and submit independent technical certification showing they meet the requirements.
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What happens if an institution misses the Oct. 30 deadline?
Institutions that miss the deadline must stop providing crypto services within 30 days. From Nov. 6, authorized institutions will also be barred from crypto business with unauthorized providers.
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