Brazil's largest private bank formally registers its crypto business
Itaú Unibanco, Brazil's largest private bank, has become the first bank in the country to formally register its cryptocurrency trading and custody operations under the regulator's new requirements. The financial institution currently offers customers access to 15 digital assets, including Bitcoin, Ethereum, and the USDC stablecoin.
According to Valor Econômico, Itaú Unibanco submitted a notification to the Central Bank of Brazil on October 27, meeting the new regulatory requirements ahead of the October 30 deadline.
The new rules establish a simplified procedure for banks already authorized by the central bank to conduct financial activities. These institutions only need to submit a notification, while specialized cryptocurrency companies must obtain separate operating authorization.
Itaú Unibanco launched its cryptocurrency trading services in December 2023. Customers currently have access to 15 digital assets, although the bank has not disclosed the number of users or trading volumes.
Under the new regulatory framework, Itaú Unibanco's cryptocurrency trading and custody activities fall into the brokerage category.
Brazil tightens requirements for crypto companies
The new rules are established under Central Bank of Brazil Resolution No. 520, which took effect on February 2, 2026. Financial institutions already providing cryptocurrency services were given 270 days to notify the regulator.
Along with the notification, institutions must submit an independent technical certification confirming compliance with regulatory requirements. Companies that fail to meet these conditions by the deadline must stop providing cryptocurrency services within 30 days.
The same deadline applies to specialized crypto companies that were operating before the new rules took effect. Brazilian cryptocurrency exchange Mercado Bitcoin, for example, previously announced plans to seek authorization to operate as a virtual asset brokerage.
In addition, starting November 6, banks and other licensed financial institutions in Brazil will be prohibited from conducting cryptocurrency transactions with companies that lack the required authorization. The restriction was initially scheduled to take effect earlier, but the central bank postponed its implementation date in September.
Brazil becomes the global leader in crypto adoption
Brazil ranks first worldwide in grassroots cryptocurrency adoption, according to Chainalysis' 2026 rankings. Over the 12 months through June 2026, cryptocurrency transaction volume in the country reached $252.5 billion. By this measure, Brazil remains Latin America's largest cryptocurrency market, significantly ahead of Argentina and Mexico.
Stablecoins are particularly popular in the country. According to Brazil's Federal Revenue Service, they accounted for approximately 80% of the reported cryptocurrency transaction volume in 2025. Meanwhile, Chainalysis reported that stablecoin activity in Brazil surged by 495%, primarily driven by businesses using digital dollars for international transfers and liquidity management.
As a reminder, Itaú Unibanco is acquiring a stake in Prisma Capital to expand its alternative investment business.
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