Brazil’s largest lender becomes first bank to formalize crypto brokerage under new rules

Itaú Unibanco, Brazil’s largest private bank, formalized its cryptocurrency trading and custody operations under the country’s new digital-asset rules, becoming the first bank in the country to do so.

The lender submitted its notification to the central bank on Tuesday, ahead of an Oct. 30 compliance deadline, according to local news outlet Valor Econômico

The regulatory framework allows banks already authorized by the central bank to follow a notification process for offering crypto services. Dedicated virtual-asset service providers (VASPs), in contrast, must apply for operating authorization.

Itaú Unibanco offers 15 cryptoassets, including bitcoin BTC $84,459.46, ether ETH $2,490.55 and the dollar-pegged stablecoin USDC, according to its website. It has not disclosed customer numbers or trading volumes for the service, which started in December 2023.