Bradesco Formalizes Crypto Custody and Widens Retail Trading Access

Overview

• Bradesco formally notified the Banco Central on Thursday that it will operate as a prestador de serviços de ativos virtuais (PSAV), covering intermediation and custody of cryptoassets and submitting an independent technical certification.
• More than 32 million Bradesco customers can already buy and sell crypto in the bank’s app and the bank says the rollout to its full client base should finish by November.
• The bank launched an institutional custody platform for cryptocurrencies, stablecoins and tokenized assets and said it has taken part in over 80 blockchain and tokenization projects including tests tied to the central bank’s Drex effort.
• Brasil Bitcoin filed for SPSAV authorization with the Banco Central on Oct. 15 and reports about 650,000 clients, R$28 billion moved in the past 12 months, a 200-asset listing and products such as the SophIA AI assistant, multi-currency Conta Global and an international card.
• The regulation separates banks, which follow a notification process, from non-bank exchanges that must obtain SPSAV authorization; the change is likely to speed integration of custody, payments and tokenization but will leave market structure subject to the central bank’s licensing reviews.