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FollowingTLDR
Brazil's securities regulator has established a working group that will draft a tokenization regulatory framework within 60 days. The framework will cover registration, custody, transactions and settlement, and will focus on the division of responsibilities in areas such as private key custody, ownership records, transaction revocation, network security and platform failures.
Brazil reviews blockchain custody and liability issues
The Brazilian Securities and Exchange Commission (CVM) has formed a special working group composed of 14 departments to formulate relevant rules for tokenized securities. The working group must submit its first tokenization proposal within 60 days of its formal establishment. The broader regulatory review will last for 120 days and may be extended by 30 days. The framework will leverage distributed ledger technology to solve issues such as registration, custody, transactions and settlement. The review will cover aspects such as private key custody, ownership records, transaction revocation, network security and platform failures.
Working Group Composition and Timetable
The working group consists of 14 departments of CVM. After formal establishment, the working group must submit a proposal. Brazil will conduct a 120-day review, which can be extended for 30 days as appropriate. The working group may consult relevant agencies, associations, self-regulatory organizations and experts. Its work will assess cybersecurity threats and foreign regulatory approaches, and consider empirical evidence from previous regulatory sandboxes.
Based on past experience
CVM has previously tested issuance and secondary transactions on blockchain. These tests examined operational, control and actual risks. Relevant findings will support Brazil in building a pilot framework. Distributed ledgers can integrate functions that are usually handled by different institutions-exchanges, custodians, registries, depositaries, and settlement systems may share the same platform. Therefore, Brazil wants to clarify the responsibilities of the platform that operates multiple functions.
Core review content
The review will clarify who is responsible for maintaining official ownership records, evaluate private key escrow rules and transaction revocation rules, and determine responsibility in the event of platform failure. Current securities laws classify tokens based on economic characteristics. Guidelines issued by CVM in 2022 have confirmed that blockchain technology will not change this classification. The focus of this review is on the service aspects surrounding tokenized securities.
Tokenized market growth
According to RWA Monitor, Brazil's real-world asset market totals approximately 12 billion reais, which is estimated to be equivalent to approximately US$2.34 billion based on the platform. Among them, bonds and commercial paper were worth approximately US$1.3 billion. Market growth has led regulators to focus more on infrastructure and accountability mechanisms. Distributed systems could change the way ownership is recorded and transactions are processed, and Brazil is seeking to develop rules to assign responsibilities for associated activities.
The working group will submit its proposal to the CVM Board of Directors. Consultations and technical analysis will continue during the broader review period. Brazil expects the document, submitted within 60 days, to drive the further development of its tokenization framework.
