Brazilian Banks Expand Crypto Offerings as Regulation Takes Hold

Itaú, Brazil's largest bank by assets under management, has added 15 distinct digital assets to its investment platform. The lineup includes Bitcoin, Ethereum, and USDC, a stablecoin pegged to the US dollar. Nubank, the country's largest fintech, currently lists 28 such assets. Banco do Brasil, described as Brazil's most lucrative public bank, told Folha de S.Paulo that its Bitcoin and Ethereum service, which began in January, has processed more than 11 million reais ($2.1 million) in transactions.

This expansion occurs without any impact on the banks' own balance sheets. Central Bank filings dated March 2026, reviewed by Folha, indicate that Brazilian banks hold zero virtual assets on their books, despite their ability to custody and process crypto on behalf of clients. The trend follows a record run in the underlying market, where Brazilians moved 505.5 billion reais ($98.7 billion) through crypto in 2025, according to data from Receita Federal, the federal tax authority. This volume is more than five times the amount recorded in 2020.

Corporate activity drove the majority of this flow. Receita Federal data shows that corporate crypto transactions totaled 497 billion reais ($97 billion) last year, accounting for 98.3% of the tracked volume, with individual investors making up the remainder.

The move by institutions such as Itaú, Bradesco, Santander, Banco do Brasil, and Nubank aligns with a significant regulatory shift. Brazil passed its Legal Framework for Virtual Assets in 2022, granting the Central Bank authority over the sector. In November 2025, the bank published three resolutions that formalized this authority. These rules require any firm allowing customers to trade, hold, or send crypto to obtain a license, maintain a minimum capital cushion, and keep segregated client accounts. Compliance is mandatory by October 30.

Resolution 521 specifically treats the purchase or exchange of dollar-pegged tokens as a foreign exchange operation, subjecting them to the same reporting standards as international money transfers. This classification places stablecoins directly under Central Bank oversight.

Carlos Akira Sato, co-founder of consultancy Syscapital, told Folha that this regulatory clarity encouraged banks to enter the market. He noted that Brazilian banks are typically conservative about new markets and that clearer rules left them "more secure to launch their products." Sato emphasized that proprietary exposure exists only when a bank buys crypto with its own funds and absorbs the associated price, liquidity, and credit risks. By that standard, no Brazilian bank has yet taken direct ownership of crypto assets.

Banco Safra, a smaller bank focused on high-net-worth clients, has taken a more aggressive approach by issuing its own dollar-pegged stablecoin, Safra Dólar, in September 2025. The bank retains full custody in-house and markets the product as a way for clients to hold dollar exposure without opening accounts abroad. This strategy reflects a broader pattern of banks building their own stablecoin infrastructure rather than relying on crypto-native firms.

With approximately 120 crypto firms operating in Brazil, most of which still lack licenses and are racing to meet the October 30, 2026 deadline, banks that have already cleared the compliance bar are positioned to continue expanding their offerings.