By Brazil Stock Guide – Brazil’s securities regulator will launch a public consultation on new tokenization rules by Oct. 1, marking the first step in a regulatory overhaul for digital securities, interim CVM chief Otto Lobo said on Tuesday.
“This is the first step toward restructuring the tokenization of securities in Brazil,” Lobo told an audience at a capital markets event in Rio de Janeiro. He noted that a working group was set up 45 days ago and is already in fast-track talks with financial institutions, according to Valor Econômico.
The consultation will focus on changes to Resolution CVM 88, which governs tokenized assets. Later this year, the regulator will also publish a “soft” version of Resolution CVM 135, setting guidelines for the functioning and organization of regulated markets.
“The regulatory agenda is moving very fast, and the last four years were extraordinary in terms of regulation,” Lobo said.
Funds and IFRS standards
Lobo added that the CVM is working with banks to update investment fund rules, aiming to align them with International Financial Reporting Standards (IFRS). “We will quickly incorporate the best IFRS rules into investment funds in Brazil,” he said, highlighting efforts to balance regulatory updates with compliance costs.
Secondary market via blockchain
The new rules are expected to enable secondary market trading of securities using Distributed Ledger Technology (DLT), such as blockchain. “It’s a change that will allow secondary market trading of securities through new DLT technologies,” Lobo said.
Carbon credits and forensic training
On sustainability, Lobo said the regulator will also “move quickly” on carbon credit regulation, stressing collaboration with institutions and market participants.
He also highlighted the launch of Brazil’s first forensic investigator training course, developed in partnership with the University of São Paulo, state development bank BNDES, the Federal Audit Court, and the judiciary.
Lobo, CVM’s longest-serving director, took over as interim president in July after João Pedro Nascimento resigned. The regulator still operates with two board vacancies, one left open since December 2024 when Daniel Maeda’s term ended.
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