Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), has formally launched a task force to develop a regulatory framework for tokenized securities. According to reports from CoinDesk, the group was set up on July 20 and comprises 14 internal departments of the CVM. The task force will prepare a draft experimental regulatory framework covering the registration, custody, trading and settlement of tokenized securities using distributed ledger technology.
The global tokenized asset market has experienced explosive growth, with tokenized real-world assets (RWAs) pushing past $30 billion, roughly six times where they sat at the start of 2025. According to CoinDesk, 64% of asset managers now want to tokenize, up from 40% a year earlier, as reported in an EY and Coinbase Institutional survey. The infrastructure is already demonstrating significant traction, with Broadridge now moving around $370 billion of tokenized repo daily on the Canton network, representing a real but small fraction of the $12 trillion US repo market. Asset managers are increasingly focusing on utility over novelty, with products needing to be net better than their traditional counterparts.
Brazil's tokenized asset market has experienced significant growth, with data from RWA Monitor showing the country's real-world asset market now worth about 12 billion reais, equivalent to roughly $2.34 billion. According to the reports, corporate bonds and commercial paper make up roughly $1.3 billion of this total. The CVM has previously tested blockchain-based issuance and secondary trading through its regulatory sandbox, which will inform the new task force's considerations for a broader framework.
The CVM has established that Brazil already applies securities law according to a token's economic characteristics, with the regulator's 2022 guidance clarifying that using blockchain technology does not determine whether an asset qualifies as a security. As reported by CoinDesk, the new review focuses on the infrastructure around tokenized assets rather than the assets themselves. The regulator notes that blockchain can combine functions traditionally handled separately by exchanges, custodians, registrars, depositories and settlement systems, creating new regulatory questions including who maintains the official record of ownership, how private keys are held, whether transactions can be reversed and who bears responsibility when systems fail.
