Regulation, Not Blockchain, Drove Tokenization Growth in Brazil, Says Laqus CEO

Rodrigo Amato, CEO of Laqus, stated that Brazil's tokenization growth in capital markets is primarily driven by regulatory frameworks rather than blockchain technology. He specifically highlighted CVM Resolution 88, which established a simplified regime for electronic investment platforms, making smaller-scale offerings economically viable by eliminating costly traditional public offering requirements. Under this regulation, small businesses can raise up to 15 million Brazilian reais. Data shows that crowdfunding platform offerings reached 1.1 billion Brazilian reais (approximately 212 million dollars) in the first quarter of 2026, an 83.3% increase compared to the same period in 2025. The CVM is currently prioritizing a new regulation to replace Resolution 88 as part of its 2026 regulatory agenda.