# Brazil’s CVM Establishes Experimental DLT Pilot as Chief Cites R$11.5 Trillion Fund Market By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/40454 Published: 2026-10-25T09:15:32.000Z Updated: 2026-10-25T09:15:32.000Z Section: Regulation > CVM President Otto Eduardo Fonseca de Albuquerque Lobo says tokenization could aid oversight, while Resolution 249 limits testing to an experiment without live investors, issued securities or real financial resources. Brazil’s securities regulator has established an experimental pilot to test distributed-ledger technology (DLT) for securities operations as its president argues tokenization could help supervise a fund industry with R$11.5 trillion in net assets across 34,000 funds. The Comissão de Valores Mobiliários (CVM), Brazil’s securities regulator, is running the experiment under Resolution 249. CVM President Otto Eduardo Fonseca de Albuquerque Lobo made the case for tokenization Friday, Oct. 23. “The only way to supervise the market is through its tokenization,” Lobo said. The September 2026 figures showed the industry’s scale; net inflows totaled R$251.7 billion from January through September. Resolution 249 was approved by the CVM board Oct. 7, dated Oct. 13 and published Oct. 14. It establishes an [experimental DLT pilot]() for securities operations, including issuance, distribution, trading, custody and settlement. Possible test assets include shares, debentures, receivables certificates and fund shares. The program is intended to assess technical and legal feasibility, interoperability, risks and regulatory gaps. Its scope runs across several securities operations, from issuance and distribution through trading, custody and settlement. The rules bar real investors, securities already issued or in circulation, and real financial resources from the tests. Test networks must remain separate from production systems, with tokens representing fictional securities and resources. Participation does not authorize regulated activity or guarantee future approval, and the resolution does not require existing funds to tokenize. The CVM’s Tokenization Working Group is responsible for studies, tests, technical recommendations and proposed regulatory measures. An order establishing the group was published July 17, 2026, with an initial 120-day term that may be extended by 30 days. The CVM’s separate artificial intelligence work remains exploratory. In August, the regulator described exploring a model to improve supervision, rather than an operating system already monitoring funds. ## Links in this article - [experimental DLT pilot](https://www.tokenpost.com/news/regulation/32907)