Brazil's CVM Finalizes Pilot Proposal for Capital Market Tokenization

The Securities and Exchange Commission of Brazil (CVM) has finalized a pilot program proposal to test Distributed Ledger Technology (DLT) in the country's capital markets. The proposal, developed by the Tokenization Working Group (GTT), covers the issuance, offering, trading, custody, and settlement of tokenized securities, including stocks, debentures, and investment fund quotas. The CVM aims to evaluate technical, operational, and legal viability, as well as interoperability, without restricting tests to a specific technology. CVM President Otto Lobo indicated that the regulator intends to accelerate these tests in 2026 using a fast-track regulatory approach.