Itaú Unibanco Takes Lead as First Brazilian Bank to Register Cryptocurrency Services

Itaú Unibanco's Cryptocurrency Services Registration

Itaú Unibanco, recognized as Brazil’s predominant private banking institution, has officially completed the registration process for its cryptocurrency trading and custody services with the Brazilian central bank. This marks a significant milestone as it is the first bank in Brazil to align with the newly established regulatory framework governing digital assets.

According to Valor Econômico, the bank submitted its notification on October 27, just prior to the regulatory deadline on October 30, which necessitated compliance from financial entities already engaged in cryptocurrency activities.

Trading and Custody Capabilities

The registration encompasses both the trading and custody capabilities for cryptocurrencies, which are categorized as virtual asset brokerage activities by the central bank. Itaú currently offers access to a selection of 15 digital currencies, including leading cryptocurrencies Bitcoin and Ethereum, as well as the USDC stablecoin, through its investment platform.

Unlike benchmark cryptocurrency exchanges and specialized virtual asset service providers, Itaú was spared from applying for a separate operation license due to its preexisting authorization and oversight by the central bank of Brazil. This regulatory milestone officially integrates its cryptocurrency services under the new framework, although the bank has been facilitating digital asset investments for almost three years.

Service Expansion and Market Trends

Itaú’s cryptocurrency trading service, which debuted in December 2023, initially allowed clients to purchase Bitcoin and Ethereum through its investment platform, Íon. This service saw a gradual rollout that eventually opened cryptocurrency trading to all platform users by June 2024. Guto Antunes, who leads Itaú Digital Assets, noted that this expansion was a direct response to customer feedback indicating a strong demand for cryptocurrency offerings.

Despite having this service operational for an extended period, precise metrics such as the number of users engaging with Itaú's cryptocurrency platform or the aggregate transaction values have not been disclosed by the bank. In a related trend, major Brazilian banks, including Nubank and Banco do Brasil, have also broadened their cryptocurrency offerings recently, with Nubank now providing access to 28 digital assets.

As per reports from Brazilian news outlet Folha de S.Paulo, it was revealed that as of March 2026, none of Brazil’s financial institutions had cryptocurrencies listed on their own balance sheets, despite the ongoing provision of trading and custody services to their clients.

Exploring Blockchain Innovations

Additionally, Itaú is exploring other blockchain innovations. In August, it participated in a pilot project involving tokenization, led by the Brazilian association for financial markets, ANBIMA, to investigate the potential for issuing and trading tokenized bonds and investment funds.

New Regulatory Measures

The new cryptocurrency regulatory measures from Brazil’s central bank were enacted via a series of resolutions effective as of February 2, 2026. Under these regulations, already-licensed financial institutions can continue offering cryptocurrency services provided they submit a notification confirming adherence to necessary operational and security benchmarks. A transition period of 270 days, concluding on October 30, was established for such institutions to meet the new requirements. Failure to comply by the deadline would result in a mandatory cessation of cryptocurrency services within 30 days.

For dedicated cryptocurrency companies, however, a more rigorous authorization procedure is in place, requiring them to submit formal applications to maintain operations under these updated policies. This regulatory environment has led to many firms reassessing their positions in Brazil; recent analyses suggest that less than 10% of such companies may pursue the required authorizations, particularly those facing challenges related to compliance costs and capital obligations.

Binance is among the entities seeking licensing ahead of the close of the October 30 deadline, alongside other crypto businesses including Mercado Bitcoin, which has expressed an intention to obtain approval.

Enhancing Regulations

In an effort to enhance regulations governing relationships between authorized financial institutions and unlicensed cryptocurrency providers, the central bank enacted Resolution 589, postponing the implementation of restrictions on dealings with unauthorized operators from October 30 to November 6. Effective from that date, banks and payment entities are generally barred from engaging in cryptocurrency transactions with unregulated service providers unless they meet specific criteria.

Furthermore, beginning January 1, 2027, new reporting obligations will require cryptocurrency businesses operating during the transition to disclose details such as customer asset balances and custody holdings. There were also recent amendments to regulatory reporting standards established on October 1, mandating institutions handling cryptocurrency transfers of $10,000 or more related to self-custody wallets to report such transactions to Brazil’s financial intelligence agency, COAF.