The Tokenization Initiative centers on building an environment 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 governance to ensure that different market participants can seamlessly operate in a tokenized environment.

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.

Technical Guide on Tokenized Assets

As part of these initiatives, ANBIMA has published a Technical Guide for the Issuance of Tokenized Assets, which:

• Provides best practices for structuring and distributing tokenized products

• Offers comparative insights between traditional and tokenized debentures

• Outlines offering requirements and critical factors for token issuance

Evolving Regulatory Framework in Brazil

The regulatory framework in Brazil has advanced to support this evolving market:

• 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 based on investor profiles:

  • 10% for retail funds

  • 20% for qualified investor funds

  • No limit for professional investor funds. Investments are required to be made through authorized exchanges

Engagement in Central Bank Consultation

In early 2025, ANBIMA participated in the Central Bank’s public consultation, which outlined rules for the constitution, functioning, and authorization of VASPs, addressing governance requirements, anti-money laundering measures, investor suitability, and the role of VASPs in the foreign exchange market.

ANBIMA’s work supports the broader goal of creating a resilient, innovative tokenization ecosystem, aligned with Brazil’s regulatory advancements and positioned to deliver greater efficiency, transparency, and access in the capital markets.