Brazilian banks expand crypto offerings as market reaches $98.7 billion

Sep 7, 2026

Brazil's cryptocurrency market reached a record R$505.5 billion ($98.7 billion) in 2025, prompting major financial institutions like Itaú, Nubank, and Banco do Brasil to expand their digital-asset offerings. Under the Central Bank of Brazil's regulatory framework implemented in February 2026, banks act strictly as intermediaries and custodians, reporting zero proprietary crypto holdings on their balance sheets to avoid volatility risks. Meanwhile, approximately 120 crypto firms face an October 30, 2026 licensing deadline.

Brazilian bank crypto expansion

▪Nubank expanded its digital-asset platform to offer 28 tokens to more than 7 million users of its crypto platform.
▪Itaú, Nubank, and Banco do Brasil have expanded their digital-asset services to function as crypto brokerages for retail customers in Brazil.
▪Itaú offers 15 different crypto assets to retail clients through its investment platform, including Bitcoin, Ethereum, and the stablecoin USDC.
▪Banco do Brasil launched direct investment access to Bitcoin and Ethereum in January 2026, processing over R$11 million ($2.1 million) in customer transactions.

Regulatory framework implementation

▪The Central Bank of Brazil's regulatory framework for virtual asset service providers took effect in February 2026, establishing rules for authorization, capital adequacy, and asset segregation.
▪Approximately 120 crypto firms operating in Brazil must comply with the Central Bank of Brazil's licensing and authorization requirements by October 30, 2026.
▪The Central Bank of Brazil approved additional capital and risk rules in July 2026 that will begin taking effect in January 2027, placing virtual-asset service providers into the S4 regulatory segment by mid-2028.

Transaction volume growth

▪Corporate transactions accounted for R$497 billion ($97 billion), or 98.3% of Brazil's total crypto transaction volume in 2025, with individual investors generating the remaining share.
▪Brazil's crypto market reached a record R$505.5 billion (about $98.7 billion) in transactions during 2025, representing a 22% increase from 2024 and a 433% increase from 2020.

Zero proprietary holdings policy

▪Carlos Akira Sato, co-founder of Syscapital, stated that clear regulations have made conservative Brazilian banking institutions feel more secure to launch crypto products.
▪Central Bank of Brazil filings from March 2026 showed that Brazilian banks held zero virtual assets on their own balance sheets, acting purely as custodians and intermediaries.

Stablecoin market dynamics

▪The Central Bank of Brazil's Resolution 521 treats purchases, sales, or exchanges of foreign-currency-denominated tokens, including dollar-pegged stablecoins, as foreign-exchange operations.
▪Banco Safra entered the stablecoin market in September 2025 by issuing Safra Dólar, keeping custody of the dollar-pegged token in-house for clients seeking dollar exposure.
▪The International Monetary Fund's Financial System Stability Assessment in July called for closer stablecoin oversight in Brazil, citing gaps in customer protection and anti-money laundering controls.