Itaú Unibanco files to formalize crypto custody role in Brazil

Itaú Unibanco, the largest private bank in Brazil, filed to formalize its role as a cryptocurrency service provider with the Central Bank of Brazil. The filing covers the intermediation and custody of crypto assets. Brazil's central bank requires every company that holds, moves, or trades crypto for customers to register as a regulated provider. A provider holding crypto for clients must keep those assets separate from the firm's own money and meet minimum capital requirements.

Itaú announced plans for crypto custody in 2022 while building a tokenization platform. In late 2025, the bank began letting retail clients buy and sell bitcoin through its investment app, íon. The crypto assets traded on íon are held in custody by Itaú itself. Brazil's central bank published Resolutions 519, 520, and 521 in 2025 and early 2026 to create a new license category called SPSAVs. The rules established by the central bank took effect on February 2, 2026.

Resolution 521 brought crypto transactions into the foreign-exchange regime with a $100,000 cap on transfers with unauthorized counterparties. On July 1, 2026, the central bank approved tighter rules requiring providers to meet financial security requirements similar to those for securities brokers beginning in 2027. The regulator barred institutions in Segment 5 from offering virtual asset services. Brazil's crypto exchanges face an application deadline on Friday to continue operating under new rules. Crypto platforms that apply on time can continue operating while regulators review their applications, a process that can take up to two years. Companies that miss the deadline must stop providing services within 30 days from Friday. From Nov. 6, banks and payment institutions will face restrictions on conducting crypto transactions with unauthorized providers. Under Brazil's new rules, there is a $100,000 limit on certain international crypto transfers when the counterparty is not authorized to operate in Brazil's foreign exchange market. Minimum capital requirements for crypto service providers range from 10.8 million Brazilian reais ($2 million) to 37.2 million reais depending on services offered. Major global exchanges including OKX, Binance, and Coinbase have filed applications in Brazil. Latin American crypto exchange Bitso is ending direct retail services in Brazil through a partnership with local exchange Mercado Bitcoin. Brazil recorded $252.5 billion in crypto activity between July 2025 and June 2026 according to Chainalysis.