Brazilian Banks Expand Crypto Offerings as Regulation Takes Hold

Brazil's largest banks are broadening their cryptocurrency offerings as regulatory clarity arrives, according to recent reports. Itaú, the nation's biggest bank by assets under management, now offers 15 different crypto assets through its investment app, including Bitcoin, Ethereum, and the USDC stablecoin. Nubank, Brazil's leading fintech, lists 28 cryptocurrencies for its clients.

Banco do Brasil, the country's most profitable public bank, began allowing customers to buy Bitcoin and Ethereum directly in January, processing over $11 million in transactions. Central Bank filings from March 2026 reveal no crypto holdings on Brazilian banks' balance sheets, despite their ability to hold and process crypto for clients.

This expansion coincides with the passage of the Legal Framework for Virtual Assets in 2022, which granted the Central Bank authority over the sector. Following this, three resolutions published by the Central Bank in November 2025 mandated licensing for firms dealing with crypto, minimum capital reserves, and segregated client accounts.

Resolution 521 treats purchases of dollar-pegged tokens as foreign exchange operations, bringing stablecoins under the Central Bank's purview. This regulatory certainty has encouraged Brazilian banks to enter the market, with co-founder Carlos Akira Sato of Syscapital consultancy stating that clearer rules made it "more secure" for banks to launch crypto products.

Banco Safra, a smaller bank specializing in high-net-worth clients, even issued its own dollar-pegged stablecoin, Safra Dólar, in September 2025, maintaining full custody to avoid foreign exchange risks. Despite these moves, none of Brazil's banks have fully invested in crypto assets themselves, distinguishing between facilitating crypto transactions for clients and owning crypto on their balance sheets.