Anbima has created a Digital Assets Commission to support the next steps in self-regulation for Brazil’s virtual asset market.

The group is linked to Anbima’s Self-Regulation for Activities Related to Virtual Assets, published in April with operational guidance for the custody of these assets, and brings together major financial institutions active in crypto.

The first meeting was held in late May to define the commission’s work schedule. Its initial priority is to monitor how institutions adhere to the custody rules, identify opportunities for improvement and support the dissemination of good practices. 

The dialogue will also help align questions and interpretations around the rules and assess whether self-regulation is fulfilling its role in a market that is still maturing.

Custody guidance

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, including 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.

Permanent market dialogue

The commission’s agenda will also include issues related to the implementation of new regulations, stablecoins, tokenization and other initiatives aimed at the safe and sustainable development of this market in Brazil.

Since 2023, Anbima has had a working group dedicated to technical discussions on crypto, including regulatory and legislative developments. With the creation of the Digital Assets Commission, the topic gains more institutional space and a permanent structure for dialogue between institutions and Anbima.

Supporting the maturation of virtual assets is part of the transformation front of Anbima in Action, the Association’s set of priorities for 2026. The goal is to contribute to the sustainable growth of the sector, bring Brazilian practices closer to international references and help institutions adapt to Law 14,478 and Central Bank regulation, which established the guidelines for the provision of virtual asset services in the country.