Anbima published guidelines in late April for virtual asset custody service providers. Initially educational in nature, the material complements the Central Bank’s regulatory framework, Resolution 520, with rules for adopting more consistent security, governance, and due diligence practices.

“Our goal was to translate the regulatory requirements, which take effect in October this year, into concrete operational guidance, giving the market a clear benchmark for best practices right away. Self-regulation has been complementing and helping shape how these rules are applied. The idea is to reduce unforeseen problems and asymmetries in a market that is still maturing,” said Anbima Director Eric Altafim.

The document details how to put asset segregation into practice, the precautions required throughout the life cycle of private keys, the clear definition of responsibilities for custody institutions, even in outsourced structures, and the mandatory minimum content for contracts and client communication policies.

Tatiana Itikawa, Anbima’s chief of Regulatory Policy and Business Development, said the focus is to support the sustainable growth of this market by increasing predictability around risks, responsibilities, and procedures adopted by institutions, which helps provide greater investor protection.

Among the guidelines is the requirement for proof of reserves, a mechanism that confirms the existence of assets and the balances held in the client’s name. This must be made available to investors periodically, on a date defined in the institution’s information disclosure policy.

“Custody is one of the most sensitive activities involving virtual assets because it concentrates significant risks for investors, such as the loss of assets and their improper use. Tools such as proof of reserves and the adoption of clear, standardized governance procedures help make operations safer and strengthen market confidence,” Altafim said.

Anbima will monitor the evolution of practices through ongoing dialogue with the market and interaction with regulators. This experience will serve as a basis for consolidating the guidelines in traditional self-regulation in the future, with rules subject to supervision.

Anbima’s self-regulation

The launch expands our role as self-regulator of Brazil’s financial and capital markets, now including activities linked to virtual asset service providers.

Since 2023, we have already had rules and guidance for funds that invest directly in crypto, public offerings of virtual assets classified as fixed-income securities, and the suitability of products that invest in this type of asset.

In addition to self-regulation, we have been working on the issue since 2023 by acting as a bridge in the dialogue between regulators and the market. Central Bank Public Consultation 97/2023, which marked the start of secondary regulation for virtual assets, was the beginning of our structured work on the topic.