Brazilian Banks Expand Crypto Offerings as Regulation Takes Hold
Brazil’s biggest banks and fintechs have rapidly expanded client crypto offerings as the market boomed and regulation tightened. Itaú now sells 15 crypto assets, Nubank 28, and Banco do Brasil reports more than R$11 million in Bitcoin and Ethereum transactions since launching direct purchases in January. Bradesco and Santander have also broadened access. Despite this, Central Bank filings show Brazilian banks hold zero virtual assets on their own balance sheets: they only custody or process crypto for customers. Crypto activity in Brazil surged to R$505.5 billion in 2025, more than five times 2020 levels, with corporations responsible for 98.3% of volume. The 2022 Virtual Assets framework and November 2025 Central Bank rules require licenses, capital buffers, and segregated client accounts by October 30, 2026. A key rule treats stablecoin purchases or exchanges as foreign exchange operations, bringing dollar-pegged tokens under closer oversight. Banco Safra has gone further by issuing its own stablecoin, Safra Dólar, while most banks still avoid using their own capital in crypto.
