Brazil’s CVM Opens 15-Business-Day Window for Securities Tokenization Pilot

Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has opened a 15-business-day proposal period for a controlled tokenization pilot to test distributed-ledger systems across securities markets without live assets.

Only associations representing entities authorized, registered or accredited by the CVM to operate in securities markets, and securities-market self-regulatory entities, may submit proposals; both must participate in the CVM Tokenization Working Group. The program covers securities operations across the life cycle, including issuance, offering, distribution, book-entry registration, trading, custody, central deposit, settlement and post-trading. Examples include shares, debentures, receivables certificates, fund units and other securities. The regulator may compare private and public permissioned networks and assess whether participants’ systems can interoperate.

Test networks must remain separate from production systems. The pilot excludes real investors, securities that have been issued or are in circulation, and real financial resources; participants will instead use tokens representing fictional securities and resources. Investor or customer data may be used only in anonymized or synthetic form.

The CVM can view test records live, including smart-contract states, but cannot validate or alter transactions. Where feasible, network architecture and smart contracts are to account for market safeguards and each participant’s duties.

Testing begins on the first business day after the proposal deadline and runs for 60 days. The CVM may extend the period by up to 30 days. The closing review will weigh results and risks and may propose changes to law or regulation. Taking part grants no license for regulated activity and does not mean the CVM endorses a technology or business model.

Brazilian exchange operator B3 is separately developing a tokenized-asset system, with early-2027 applications expected to include collateral transfers in real time, as outlined in B3’s tokenized-asset infrastructure plans.

The resolution was dated Oct. 13 and published Oct. 14, starting the 15-business-day proposal window. The 60-day test period starts on the first business day after submissions close.