Itaú formalizes crypto trading business under Brazil’s new rules

Itaú Unibanco notified Brazil’s central bank of its crypto trading and custody activities on October 27, according to local newspaper Valor Econômico. The step brings the bank’s existing service into the country’s new regulatory framework. The service has already been available since December 2023, so this latest development is about the oversight from the country's central bank. The development shows how established banks are adapting their crypto businesses with the introduction of more detailed requirements for the industry by the country. An existing service enters a new framework Itaú’s notification covers helping customers buy and sell cryptoassets, as well as holding those assets on their behalf. All those activities fall within the brokerage category defined by Brazil’s rules, Valor reported.

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