Tokenization already operates in Brazil. Crowdfunding platforms, the main gateway to this market, have raised R$ 6 billion since January 2025, within the current rules.
The pilot created by CVM Resolution 249 tests the next step. For up to 90 days and using fictitious data, a single entity will be able to bring together bookkeeping, custody, trading and settlement on one network, with or without a central depository and an intermediary. The CVM will monitor the records in real time and will use the results to propose adjustments to the rules.
It is a positive sign: the regulator is gathering evidence before regulating.
Roberto Panucci explains the four points that the pilot will help answer:
- Backing: does the asset behind the token exist? The network records the token, but it cannot confirm on its own that the receivable exists.
- Settlement: can the asset and the cash change hands on the network itself, at the same time?
- Ownership: does the on-chain record prove who the owner is and protect the investor if the service provider fails?
- Off-chain events: do interest payments, shareholder meetings and court orders reach the smart contract correctly?
For platforms, these are the points that will separate the models that achieve scale. For investors, they are the right questions to ask before buying a tokenized asset.
