Brazil’s Itaú Unibanco Becomes First Bank to Formally Register Crypto Trading and Custody

Brazil’s largest private bank, Itaú Unibanco, has become the first bank to formally register cryptocurrency trading and custody services with the country’s central bank, submitting its regulatory notification ahead of the October 30 deadline under Brazil’s new digital asset framework.

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Itaú Unibanco Registers Crypto Trading and Custody Services

Brazilian financial newspaper Valor Econômico reported on October 27 that Itaú Unibanco registered its cryptocurrency trading and custody operations with Brazil’s central bank. The move makes Itaú the country’s first bank to complete the process under the new regulatory framework.

The registration includes services launched by Itaú in December 2023, enabling users to engage in cryptocurrency trading on the Itaú banking platform. The bank currently has 15 digital assets, such as the Bitcoin, Ethereum, Solana, XRP and USDC stablecoin.

Customers can start investing with R$10, while Itaú manages cryptocurrency custody through its own infrastructure. However, the bank has not disclosed customer numbers or trading volumes.

Customer security is a concern for Itaú’s cryptocurrency activities, said digital assets executive Guto Antunes. He has emphasized the importance of clear regulations and strong governance standards for financial institutions.

Meanwhile, Russia’s central bank approved Sberbank for crypto exchange services on October 13, allowing the lender to operate under the country’s regulatory framework.

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Brazil’s Crypto Rules Set October 30 Compliance Deadline

The Central Bank of Brazil recently released its cryptocurrency framework, which goes into effect on February 2, 2026.

Under Resolution 520, existing authorized banks can notify regulators when providing eligible cryptocurrency services. However, standalone virtual asset service providers are required to seek authorization on a case-by-case basis.

The regulator allowed current operators 270 days to make filings, with the deadline on Oct. 30. Financial institutions must submit independent technical certification confirming their compliance with applicable operational and security requirements.

The requirements have affected smaller cryptocurrency businesses operating in Brazil. As previously reported, Lemon exited Brazil after citing the capital requirements under the licensing framework.

Central Bank Tightens Oversight of Crypto Service Providers

Brazil’s financial regulator has imposed further regulations on the relationship between financial institutions and illegal cryptocurrency activities.

Under Resolution 589, banks must stop certain transactions involving unauthorized crypto providers beginning November 6. The central bank moved the restriction date from October 30 in September.

In September, Coinbase increased USDC lending rewards for eligible customers in Brazil via its Morpho integration.At the same time, Coinbase extended USDC lending rewards to eligible users in Brazil.

On October 23, Binance also requested a license for a cryptocurrency service provider in Brazil via its local entity, BBrasil. On October 27, the exchange limited some products for Brazilian users until they are approved by the regulator.