The Brazil Securities Commission’s (CVM) Tokenization Working Group submitted a draft resolution to the CVM Board proposing a pilot program for securities activities on distributed ledger technology (DLT) networks. The proposal delivers the group’s first mandate since its establishment in July and would test the technical, operational and legal viability of DLT across issuance, offering, distribution, trading and post-trade processes. It would also assess network interoperability, risks, vulnerabilities and potential regulatory gaps without restricting tests to particular technologies. Experimental operations could cover shares, debentures, receivables certificates, investment fund units and other securities or collective investment contracts. Eligible representative associations and securities market self-regulatory bodies could manage the test networks, while the CVM would have direct access enabling real-time review of transaction records. A CVM management committee would coordinate tests lasting 60 days, with a possible extension of up to 30 days. Participants would then submit final reports, which the committee would consolidate for the CVM Board with findings on results, identified risks and possible regulatory or legislative changes.
2026-09-16Brazil Securities Commission (CVM)
Brazil Securities Commission working group submits draft resolution for tokenized securities DLT pilot
The Brazil Securities Commission’s Tokenization Working Group submitted a draft resolution proposing a DLT pilot covering the securities lifecycle from issuance through settlement. The tests would assess the technology’s viability, interoperability and risks under direct CVM monitoring. They would run for 60 days, extendable by up to 30 days, and inform possible regulatory or legislative changes.