Brazil's securities regulator, the CVM, is moving ahead with a distributed ledger technology pilot program for tokenized securities. According to ChainCatcher, the test will involve simulated transactions only and will not include real securities or investors.

The pilot is being coordinated by the CVM tokenization working group, or GTT, and is set to run for 60 days with a possible 30-day extension. The draft still requires board approval. The scope covers most of the securities lifecycle, including issuance through settlement for stocks, bonds, receivables certificates, and investment fund units.