Tokenization is already operating in Brazil. Crowdfunding platforms, the main entry point to this market, have raised R$ 6 billion since January 2025 under 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 book-entry registration, custody, trading and settlement together on one network, with or without a central depository and intermediary. The CVM monitors 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 the pilot will help answer:
- 1.Underlying asset: does the asset behind the token exist? The network records the token, but it cannot confirm on its own that the receivable exists.
- 2.Settlement: can the asset and the money change hands on the network itself, at the same time?
- 3.Ownership: does the network record prove who the owner is and protect the investor if the service provider fails?
- 4.Off-chain events: do interest payments, shareholder or holder meetings and court orders reach the smart contract correctly?
For platforms, these are the points that will separate the models that scale. For investors, these are the right questions to ask before buying a tokenized asset.
Read the article by Roberto Panucci in JOTA (in Portuguese).
