Brazil’s largest private bank formalized its crypto business just before the deadline 🇧🇷
On October 27, Itaú Unibanco submitted a formal notification to Brazil’s Central Bank (BCB) covering its crypto-asset intermediation and custody services. According to CoinDesk, it is the first Brazilian bank to complete this step under the new rules.
1️⃣ The rules: BCB Resolution 520 took effect on February 2 this year. Licensed financial institutions already offering crypto services have a 270-day window, ending October 30.
2️⃣ Banks follow a “notification” process, rather than applying for a license like dedicated VASPs, but they must include technical certification from an independent third party.
3️⃣ Intermediation and custody combined fall under the new rules’ “crypto brokerage” category.
4️⃣ Itaú began offering crypto in December 2023 and currently supports over a dozen assets (15, according to CoinDesk), including $BTC $ETH $USDC , with in-house custody. It has not disclosed user numbers or trading volumes.
5️⃣ The next milestone: Starting November 6, licensed institutions such as banks in Brazil will no longer be allowed to do business with unauthorized crypto service providers.
My take: This isn’t news about a massive price surge; it’s “plumbing.” A traditional banking giant reporting crypto as a regular business line says more than any hype ever could—compliance isn’t a ceiling; it’s a ticket in. Over the next week, let’s see how many more exchanges and banks in Brazil can catch the October 30 train.
Sources: Valor Econômico, CoinDesk, Central Bank of Brazil Resolution BCB 520
Not investment advice #Brazil #Crypto
On October 27, Itaú Unibanco submitted a formal notification to Brazil’s Central Bank (BCB) covering its crypto-asset intermediation and custody services. According to CoinDesk, it is the first Brazilian bank to complete this step under the new rules.
1️⃣ The rules: BCB Resolution 520 took effect on February 2 this year. Licensed financial institutions already offering crypto services have a 270-day window, ending October 30.
2️⃣ Banks follow a “notification” process, rather than applying for a license like dedicated VASPs, but they must include technical certification from an independent third party.
3️⃣ Intermediation and custody combined fall under the new rules’ “crypto brokerage” category.
4️⃣ Itaú began offering crypto in December 2023 and currently supports over a dozen assets (15, according to CoinDesk), including $BTC $ETH $USDC , with in-house custody. It has not disclosed user numbers or trading volumes.
5️⃣ The next milestone: Starting November 6, licensed institutions such as banks in Brazil will no longer be allowed to do business with unauthorized crypto service providers.
My take: This isn’t news about a massive price surge; it’s “plumbing.” A traditional banking giant reporting crypto as a regular business line says more than any hype ever could—compliance isn’t a ceiling; it’s a ticket in. Over the next week, let’s see how many more exchanges and banks in Brazil can catch the October 30 train.
Sources: Valor Econômico, CoinDesk, Central Bank of Brazil Resolution BCB 520
Not investment advice #Brazil #Crypto