The Tokenization Initiative centers on building a framework that connects tokenized asset trading to Brazil’s Drex platform, the country’s Central Bank Digital Currency (CBDC) infrastructure. Anchored in the principles of Open Finance, the project emphasizes standardized protocols, interoperability, and strong governance to ensure that different market participants can seamlessly operate in a tokenized ecosystem.

DLT Network Pilot Project for Tokenized Assets 

Anbima, through the Anbima Innovation Network, is advancing Brazil’s first coordinated DLT network pilot project for tokenized assets, a collaborative initiative designed to test the use of blockchain technology in the issuance, trading, and lifecycle management of capital markets instruments. More than a technology test, the project is intended to generate practical evidence on governance, standardization, interoperability, and regulation, helping prepare the sector for a new generation of financial infrastructure.

The pilot responds to a key challenge in the tokenization agenda: initiatives in Brazil have advanced in a fragmented way, with each institution often testing its own infrastructure. Without common operating standards, this fragmentation can limit liquidity, reduce interoperability, increase supervision costs, and create operational inefficiencies.

The initiative has already drawn strong market interest:

• 39 applicants submitted proposals to take part in the pilot.

• The applications included 11 sell-side participants, 7 buy-side participants, and 21 institutions or consortia active on both sides.

The pilot will test two complete lifecycle models, developed during the project’s technical phase:

• Tokenized corporate bonds: covering economic structuring, issuance, interest payments, on-chain settlement, and close-out.

• Tokenized investment funds: covering fund constitution, investor onboarding, issuance and redemption of units, net asset value calculation, reporting, and liquidation.

The tests will validate not only individual transactions, but how an entire market lifecycle behaves when tokenized. This includes end-to-end execution, from structuring, issuance and distribution to settlement, management, reporting and closing. It will also assess how multiple actors, such as financial institutions, administrators, asset managers, distributors, custodians and technology providers operate within the same lifecycle, as well as how smart contracts, DLT infrastructure and traditional processes interact.

The project is structured under a governance model designed to ensure market sovereignty, technical balance and regulatory dialogue:

• An Oversight Committee, with Anbima, the Central Bank of Brazil and the Securities and Exchange Commission of Brazil (CVM), monitors the project and promotes alignment with regulators, without interfering in technical or operational decisions.

• A Steering Committee, formed by Anbima’s Board and Executive Committee, acts as the highest decision-making body, approving plans and validating recommendations.

• A Technical and Business Committee, formed by Anbima members, analyzes proposals, consolidates learnings, and recommends business and technology guidelines.

• A Working Group, formed by specialists, follows execution, contributes practical recommendations, and brings market insights into the project.

The pilot began in 2025 with the definition of scope, criteria, and technical and business requirements, followed by the registration and selection of market participants. In 2026, it is moving into onboarding, capabilities building, and testing on the DLT network, with selected projects monitored by working groups.

The next stages include:

• DLT network testing: selected use cases will be tested on the network, with working groups monitoring the process.

• Capabilities building: participants will receive training and guidance to operate within the pilot’s technical and governance framework.

• Evaluation: the results will be consolidated in a final report and guidelines designed to support the continuity of the project and the broader development of tokenization in Brazil’s capital markets.

At the end of the cycle, Anbima plans to consolidate the technical, operational and regulatory lessons into a public report. The goal is to create a national benchmark for future tokenization initiatives, with recommendations on interoperability, governance best practices, security standards and the potential integration of digital infrastructure with the traditional financial system. Learn more on the Tokenization Pilot Project →

Collaboration Through the Innovation Network

A key pillar of this effort is the Innovation Network, a collaborative platform open to the entire financial market, bringing together over 2,000 professionals. One of its flagship projects, the Tokenization Journey, brings together around 100 specialists from more than 50 institutions working alongside regulators — notably the Central Bank and the Securities and Exchange Commission (CVM) — to assess how tokenization can be applied to various financial products.

Evolving Regulatory Framework in Brazil 

Brazil’s regulatory framework has advanced significantly in recent years, creating clearer rules for virtual assets, cryptoasset investments and service providers, while supporting the development of a safer and more transparent tokenization ecosystem.

• Law 14,478 (2022): Established a legal definition of virtual assets and set general guidelines for the operation of Virtual Asset Service Providers (VASPs), marking a first step toward a regulated environment.

• CVM Guidance Letter (2022): Detailed the regulatory framework for cryptoassets considered securities, offering a clear token taxonomy and specifying how investment funds can allocate resources to these assets.

• CVM Resolution 175 (2023): Set specific investment limits for cryptoassets according to investor profiles: 10% for retail funds, 20% for qualified investor funds, and no limit for professional investor funds. Investments must be made through authorized exchanges.

• Central Bank resolutions on virtual assets (2025): The Central Bank of Brazil published Resolutions 517, 519, 520, and 521, establishing the country’s first comprehensive regulatory framework for virtual asset services. The rules create a formal authorization regime for VASPs, define operating standards, and bring certain cryptoasset activities into Brazil’s foreign exchange framework. They also introduce requirements related to governance, cybersecurity, operational risk, segregation of assets, transparency, consumer protection, suitability, anti-money laundering controls, and counterterrorism financing. 

Anbima actively contributed to the construction of this framework by participating in the Central Bank’s public consultation process, providing technical input on the scope of activities, governance requirements and safeguards for the final rules. Several points raised during the consultation were reflected in the final framework, including clearer responsibilities for different types of virtual asset providers, safeguards for transfers to self-custody wallets, and the possibility of offering staking services through custodian VASPs. 

This engagement is part of Anbima’s broader work to guide the market through Brazil’s evolving digital asset agenda, supporting a resilient and innovative tokenization ecosystem aligned with regulatory advances and positioned to deliver greater efficiency, transparency and access in the capital markets.

For more details, see Anbima’s article on the Central Bank’s new regulatory framework for cryptoassets.