Itaú formalizes crypto trading business under Brazil’s new rules

Itaú Unibanco notified Brazil’s central bank of its crypto trading and custody activities on October 27, according to local newspaper Valor Econômico. The step brings the bank’s existing service into the country’s new regulatory framework.

The service has already been available since December 2023, so this latest development is about the oversight from the country’s central bank. 

The development shows how established banks are adapting their crypto businesses with the introduction of more detailed requirements for the industry by the country.

An existing service enters a new framework

Itaú’s notification covers helping customers buy and sell cryptoassets, as well as holding those assets on their behalf. All those activities fall within the brokerage category defined by Brazil’s rules, Valor reported.

The bank follows a different procedure, and this procedure is different from that of companies that are established specifically to provide crypto services. Because Itaú is already authorized to operate as a financial institution, what it uses is a notification process. 

The difference here is that dedicated crypto service providers must apply for operating authorization.

The report said that Itaú told the regulator about its new activities, not that it received a separate crypto license.

Customers could already trade through Itaú

The bank’s own records show that its crypto trading started on December 4, 2023. It first offered Bitcoin and Ethereum, holding the assets for customers.

But now, its current materials list 15 cryptoassets, including Bitcoin, Ethereum, Solana, and the dollar-linked stablecoin USDC. Customers are also able to buy and sell through the bank’s app.

Guto Antunes, Itaú’s head of digital assets, said that clear rules and strong security and governance standards benefit the industry and consumers.

Brazil expands oversight of crypto providers

The central bank’s framework extends requirements covering customer protection, transparency, financial-crime prevention, governance, and security to crypto service providers. The rules came into effect in February 2026.

An amendment that was later made moved for a separate restriction on financial institutions dealing with “unauthorized crypto providers” to November 6.

Itaú’s latest step is a move towards that transition toward formal supervision.

Final Summary

• Itaú notified Brazil’s central bank of its existing crypto trading and custody activities, Valor reported.
• The bank has offered crypto trading since December 2023 and currently lists 15 assets.