Brazil’s Largest Private Bank Gets Ahead of the Crypto Compliance Deadline

Itaú Unibanco has told the central bank about its crypto trading and custody business, making it the first bank in Brazil to complete that step under the new digital asset rules. The filing came on Tuesday, a few days before the October 30 cutoff. Because the bank already holds a central bank authorization, it can use a simpler notification route, while dedicated crypto providers must apply for full operating approval. The bank’s mix of trading and custody places it in the brokerage category.

What Itaú Offers Crypto Customers

The service has been running since December 2023 and covers 15 crypto assets, including bitcoin, ether and the dollar-linked stablecoin USDC. The bank has not shared customer numbers or trading volumes.

How Brazil’s Resolution 520 Works

The rule took effect on February 2 and gave eligible institutions 270 days to notify the regulator. Each submission must include an independent technical certification showing the requirements are met. Any institution that misses the deadline has 30 days to stop offering crypto services. Dedicated providers already operating when the rule began face the same date for their authorization requests, and Mercado Bitcoin says it is seeking approval as a virtual asset brokerage.

Next Date to Watch for Unauthorized Providers

In September, the central bank pushed back to November 6 the date after which banks and other authorized institutions cannot do crypto business with providers that lack authorization.