Several large banks in Brazil are expanding their services for crypto assets, but they still avoid holding digital assets in their own accounts. Local media cited a report from the Brazilian Central Bank from March 2026, stating that there are no holdings of virtual assets in the balance sheets of major banks yet.

Banks expand their entry points

Since 2025, Ita, Bradesco, Santander, Banco do Brasil, and Nubank have continuously expanded their digital asset services. Users can now directly buy, sell, or hold crypto assets within the banks' App platforms.

Among them, Ita offers 15 types of crypto assets, covering Bitcoin, Ethereum, and USDC. The number of tradable assets on Nubank has increased to 28, targeting over 7 million crypto platform users. Since January this year, Brazilian banks have also started to allow direct purchases of Bitcoin and Ethereum.

According to data provided to the media by the bank, since the service was launched, Banco do Brasil has processed over 11 million reais in encrypted transactions for its customers.

Customer transactions are not equivalent to the bank's own trading positions.

The report indicates that the current model adopted by banks mainly involves executing transactions on behalf of clients or providing custody services, which does not mean that banks will use their own funds to purchase crypto assets.

Only when banks allocate digital assets with their own funds and assume the risks of price, liquidity, and credit will a true proprietary position be created. Carlos Akira Sato, co-founder of the Brazilian financial advisory firm Syscapital, stated that customer demand is driving banks to launch related products, but the banking industry as a whole remains cautious.

In 2025, the transaction volume reached 505.5 billion reais.

Data from Brazil's Federal Tax Agency shows that in 2025, the total value of encrypted transactions conducted by local individuals and businesses reached 505.5 billion reais, which is approximately 98.7 billion US dollars.

• An increase of 22% compared to 2024
• An increase of 433% compared to 2020
• Enterprise transaction volume accounts for 98.3% of the annual total.

Stablecoins remain an important component of the Brazilian digital asset market, as they provide users with access to assets pegged to the US dollar. In July of this year, the International Monetary Fund called for strengthened regulation of stablecoins, stating that cross-border crypto capital flows are becoming increasingly linked to Brazil's financial system.

New regulations focus on the isolation of licenses, capital, and customer assets

In 2022, Brazil adopted the "Virtual Assets Legal Framework," assigning regulatory responsibilities for the industry to its central bank. Subsequently, in November 2025, the Brazilian Central Bank issued Resolutions No. 519, 520, and 521, which clarified the operational requirements for virtual asset service providers.

According to current regulations, companies that provide customers with services related to the trading, transfer, or custody of crypto assets must obtain authorization, maintain a minimum capital requirement, and keep customer assets separate from their own company funds. Approximately 120 crypto companies operating in Brazil are required to meet the licensing requirements by October 30, 2026.

In July this year, the Central Bank of Brazil approved new capital and risk regulations, which are scheduled to be implemented in phases starting from January 2027. The new framework also includes some foreign currency-denominated token transactions within the scope of foreign exchange regulation, including stablecoin transactions pegged to the US dollar. Such activities will be subject to reporting obligations.

For licensed banks that are already regulated by central banks, this means that they already have a solid foundation in compliance, risk management, and customer asset management. As a result, it is easier for them to continue expanding their services in areas such as crypto custody and execution, without having to incorporate digital assets into their own investment portfolios first.