Brazil largest bank supports client freedom to self-custody Bitcoin
Itau supports client freedom to self-custody Bitcoin
In a notable shift within the Latin American financial sector, Itaú Unibanco, Brazil’s largest bank, has voiced public support for client self-custody of Bitcoin and other cryptocurrencies.
The endorsement was made by José Augusto de Azevedo Antunes, Head of Digital Assets at Itaú, during a digital finance event held on Tuesday, April 1, according to Livecoins.
“We are in favor of letting the client choose the best way to store their assets,” said Azevedo. He emphasized that while the bank supports user autonomy, it remains firmly committed to regulatory compliance, particularly around anti-money laundering (AML) requirements.
Balancing innovation with regulation
Since launching its crypto division, Itaú Digital Assets, in 2023, the bank has rapidly grown its digital portfolio. It currently holds approximately R$1.7 billion (USD $340 million) in assets like Bitcoin and Ethereum under custody. Azevedo noted that although many clients prefer bank-managed custody, a growing number—especially younger users—want the freedom to manage their own wallets.
“Young people are the protagonists,” he said, pointing to a generational shift in financial habits and expectations.
The executive also touched on Brazil’s emerging central bank digital currency (CBDC), known as Drex, and the global regulatory landscape. He highlighted the influence of U.S. policy on shaping digital asset infrastructure worldwide, suggesting upcoming announcements from Washington could ripple across international markets.
Itaú joined the Brazilian Cryptocurrency Association in 2023, aligning itself with industry leaders such as Mastercard, Chainalysis, and Deloitte. While Azevedo acknowledged the regulatory challenges ahead, he reiterated the bank’s intent to support innovation without compromising compliance.
Meanwhile, Brazil has solidified its status as a global leader in crypto, with 26 million citizens—16% of the population—owning digital assets. This ranks the country sixth worldwide in crypto adoption, highlighting its growing impact in the sector.
