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
Itaú’s combination of trading and custody corresponds to the brokerage category under the rules.
The central bank’s Resolution 520 took effect on Feb. 2 and gave eligible financial institutions already active in crypto 270 days to notify the regulator. Submissions must include an independent technical certification showing they meet its requirements. Those that miss the deadline must stop providing crypto services within 30 days.
