CVM Moves to Pilot Tokenized Securities and Fast‑Track Rules

Overview

• The CVM's tokenization working group, which delivered a draft resolution on Wednesday, proposed the Programa Piloto DLT to run 60 days with a 30‑day extension to test issuance, trading, custody, accounting and settlement on selected DLT networks.
• The draft requires the CVM to have direct, near‑real‑time read access to records on chosen DLT networks so supervisors can monitor transactions as they occur.
• CVM leadership has instructed fast‑track rulemaking under Resolução CVM 67 to allow tokenized infrastructures to operate in parallel with existing market systems while the experiments evaluate legal and operational gaps.
• The regulator plans a technology and staffing push supported by a recent STF decision that freed budget transfers, including a R$120 million technology spend this year and a larger 2026 budget that underpins a plan to expand staff toward about 1,200 by 2030.
• The GTT designed the pilot after consulting market groups such as B3, Anbima and Ancord and holding talks with NYSE and Nasdaq so industry associations can run experimental networks and the CVM can map interoperability, cyber risks and rule changes needed before wider adoption.