Brazil’s CVM Opens 15-Business-Day Window for Securities Tokenization Pilot

Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has opened a 15-business-day proposal period for a controlled tokenization pilot to test distributed-ledger systems across securities markets without live assets. Only associations representing entities authorized, registered or accredited by the CVM to operate in securities markets, and securities-market self-regulatory entities, may submit proposals; both must participate in the CVM Tokenization Working Group. The program covers securities operations across the life cycle, including issuance, offering, distribution, book-entry registration, trading, custody, central deposit, settlement and post-trading. Examples include shares, debentures, receivables certificates, fund units and other securities. The regulator may compare private and public permissioned networks and assess whether participants’ systems can interoperate. Test networks must remain separate from production systems.

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