Brazil’s banking giant Itaú formalizes crypto custody and trading services under new regulatory framework

Brazil's largest private bank is the first financial institution to formalize its crypto operations under the country's new digital asset rules. Itaú Unibanco, Latin America’s largest bank by market value, has notified Brazil’s Central Bank of its virtual asset service provider status as the country implements new rules governing crypto-related services. Formalized on October 27, the measure covers the intermediation and custody of crypto assets, activities that fall within the brokerage framework established by the regulation. Under the rules, financial institutions that already hold Central Bank authorization can carry out virtual asset activities by following a notification process. Other virtual asset service providers must obtain operating authorization.

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