Itaú Becomes First Brazilian Bank to Formalize Crypto Trading
The lender became the first Brazilian bank to formalize crypto trading and custody under new digital-asset rules, according to Valor Econômico.
- On Tuesday, Itaú Unibanco submitted its cryptocurrency brokerage notification to Brazil's Central Bank, becoming the first bank in the country to formalize trading and custody operations under the new digital-asset rules.
- Under Resolution 520, which took effect Feb. 2, the Central Bank established a 270-day transition period for authorized financial institutions to notify the regulator of their cryptocurrency services and ensure compliance with security standards.
- Itaú currently offers 15 Digital Assets, including Bitcoin, Ethereum, and USDC, through its investment platform, with services available since December 2023 though customer numbers remain undisclosed.
- Unlike dedicated VASPs, Itaú avoided separate operating license requirements due to existing Central Bank supervision, while Binance and Mercado Bitcoin pursue authorization under the framework.
- Resolution 589 moved restrictions on unauthorized provider dealings to Nov. 6, while Resolution 588 requires institutions to report cryptocurrency transfers worth at least $10,000 to the Council for Financial Activities Control.
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18 Articles
Itaú Files Crypto Notice With Brazil’s Central Bank, Days Before Banks’ Window Shuts
Itaú Unibanco formally told Brazil’s central bank on Oct. 27 that it operates as a provider of virtual-asset services, three days before the deadline for licensed banks already active in crypto, Valor Econômico reported. The notice covers two activities: buying and selling crypto for clients, and holding those assets in custody. Brazil’s rules group that pair under the broker category of crypto service providers, according to Valor. Get Unchaine…
Itaú becomes first Brazilian bank to formalize crypto trading
Itaú Unibanco, Brazil’s largest private bank, has formally registered its cryptocurrency trading and custody activities with the country’s central bank, becoming the first Brazilian bank to complete the notification process under the new digital asset regulations. According to a report…
Itaú Unibanco formalized on Tuesday (27), together with the Central Bank (BC), its activity as provider of virtual asset services, in accordance with the new rules of the sector. The measure covers the activities of cryptoactive brokering and custody, equivalent to those provided for the brokering modality in the regulation. Unlike the companies providing virtual asset services (SPSAVs), which need to apply for operating authorization, financial…
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