Brazil CVM Launches Tokenization Working Group
Brazil's securities regulator CVM has announced a dedicated working group for tokenization regulation alongside a regulatory sandbox for digital assets. The move signals formal regulatory engagement with RWA and digital asset markets as of July 2026.
Veranika S
The scope of the GTT's work includes conducting comparative studies of foreign regulatory approaches, analyzing outcomes from existing sandbox initiatives, and assessing the impact of decentralized technologies on capital market structure. As reported by InfoMoney, the group is also charged with formulating technical recommendations and proposing rules across the full lifecycle of securities on distributed ledger systems.
The GTT's formation sits within a layered regulatory architecture that has been taking shape across Brazilian financial authorities. Under the Virtual Assets Law — Law 14,478/2022 — and Decree 11,563/2023, the Central Bank of Brazil holds supervisory authority over virtual-asset service providers. Security tokens, however, fall under CVM jurisdiction because they qualify as securities under Brazilian law. The Central Bank reinforced its own perimeter in November 2025 through Resolutions 519, 520, and 521, together with Joint Resolution No. 14, establishing the country's first comprehensive VASP authorization regime. Resolution 520 specifically defined "fiat-referenced virtual assets" — stablecoins — and required full backing in fiat currency or public debt securities.
The CVM had previously estimated that tokenization volumes in Brazil would surpass $740 million in 2025, growth partly attributed to crowdfunding rules that permit issuances of up to $2.78 million with a 180-day duration. A regulatory sandbox has been operating since 2020, allowing firms including Vórtx Tokenizadora, BEEF4, and Estar Finance to test tokenization structures in a controlled environment. The GTT's mandate explicitly includes reviewing the results of those sandbox experiments as inputs to its recommendations.
The announcement does not specify which asset classes — real estate, receivables, agribusiness certificates, or public debt — will be prioritized within the experimental regime. The CVM has not disclosed whether the sandbox that emerges from the GTT's work will operate under new primary legislation or within existing CVM resolution authority. No timeline has been published for moving from the experimental regime to permanent rules, and the announcement does not identify specific market participants that will be invited to participate in sandbox testing. The GTT's conclusive report, due at the end of the 120-day window, has not been pre-committed to any particular rulemaking vehicle.
What the July 20 announcement concretely establishes is an internal CVM body with a defined mandate, named leadership, and two hard deadlines: a draft experimental framework within 60 days and a final recommendations report within 120 days. It does not create a live regulatory sandbox, authorize any tokenized securities product, or extend new permissions to issuers or platforms operating today.
