Itaú Unibanco Becomes First Bank to Formalize Crypto Brokerage in Brazil

Itaú Unibanco, Brazil's largest private bank, has formalized its cryptocurrency trading and custody operations under the country's digital-asset rules ¹. The lender submitted its formal notification to the Central Bank of Brazil on Tuesday, becoming the first domestic bank to complete the step ahead of an Oct. 30 compliance deadline ¹.

Under Brazil's regulatory framework, established by Central Bank Resolution 520, financial institutions already authorized by the regulator can offer crypto services through a notification pathway rather than a full licensing application ¹. The rules require institutions to include an independent technical certification confirming compliance with official requirements ¹. Itaú provides access to 15 cryptoassets, including $BTC, $ETH, and dollar-pegged stablecoin $USDC, across brokerage and custody services active since December 2023 ¹. The lender has not disclosed trading volumes or customer totals for its crypto operations ¹.

Regulatory Deadlines Approach

Resolution 520, which took effect on Feb. 2, gave active financial entities a 270-day window to notify regulators of their virtual-asset activities ¹. Companies that fail to complete the required filings by Oct. 30 must wind down their crypto services within 30 days ¹. In contrast to existing banks, dedicated virtual-asset service providers (VASPs) must apply for explicit operating authorization ¹. Independent local platforms such as Mercado Bitcoin are seeking virtual-asset brokerage licenses under the same deadline ¹. Competitors across the region have also adapted, with platforms like Binance applying for Brazilian licensing to secure local compliance.

The regulatory transition also restricts institutional relationships with non-compliant firms. The central bank previously deferred to Nov. 6 the enforcement date after which authorized financial entities are prohibited from conducting crypto transactions with unauthorized service providers ¹. At the time of writing, Bitcoin traded around $81,383 while Ether hovered near $2,367.