Itaú Unibanco becomes first Brazilian bank to register crypto brokerage under new rules
Itaú Unibanco registers first bank crypto brokerage in Brazil
Itaú Unibanco, Brazil's largest private bank, has become the first bank in the country to formalize its cryptocurrency trading and custody operations under the nation's new digital-asset rules.
The lender submitted its notification to Brazil's central bank on Tuesday, ahead of an Oct. 30 compliance deadline. The move comes under a regulatory framework that gives banks already approved by the regulator a notification process for offering crypto services.
Itaú offers 15 cryptoassets through the service, which it has operated since December 2023. The bank has not disclosed how many users it has or how much trading volume the service generates.
The rules behind the move
Under the new framework, established banks can notify the central bank before starting crypto services. Companies whose main business is virtual assets — often called exchanges — must instead apply for full operating authorization.
Itaú's combination of trading and custody fits what the rules call a brokerage category.
Central bank Resolution 520 took effect on Feb. 2. It gave eligible financial institutions that were already active in crypto 270 days to notify the regulator. Those submissions must include an independent technical certification showing they meet the requirements.
What the bank is offering
According to Itaú's own website, the 15 cryptoassets available include bitcoin (BTC), ether (ETH) and USDC, a stablecoin (a digital token pegged to the U.S. dollar so its value stays close to $1).
The service began in December 2023, more than a year before the new rules took effect.
Other firms face the same deadline
The same Oct. 30 deadline applies to authorization applications from dedicated crypto providers that were already operating when the rules started. Brazilian exchange Mercado Bitcoin has said it is seeking authorization to operate as a virtual-asset brokerage.
Firms that miss the deadline must stop providing crypto services within 30 days.
What is confirmed
- Itaú Unibanco notified Brazil's central bank of its crypto trading and custody operations.
- The notification came ahead of the Oct. 30 deadline.
- Itaú offers 15 cryptoassets, including BTC, ETH and USDC.
- The service has been running since December 2023.
- Resolution 520 gave eligible banks 270 days to notify the regulator, with an independent technical certification required.
What remains unclear
- Itaú has not disclosed customer numbers or trading volumes for its crypto service.
- The article does not state whether the central bank has accepted Itaú's certification.
- It is unclear how many other banks plan to notify the regulator before the deadline.
Why this matters
Itaú's notification marks the first time a major Brazilian bank has completed the formal registration process under the new crypto rules. The framework distinguishes between banks and dedicated crypto businesses, which could shape how traditional lenders and exchanges compete in the market.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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