Brazilian banks expand crypto services as regulatory framework takes shape

ChainCatcher report: Brazilian banks are expanding their cryptocurrency services for customers. According to Folha de S.Paulo, Brazil’s largest asset management bank, Itaú, now offers 15 cryptocurrencies—including Bitcoin, Ethereum, and the USD-stablecoin USDC—through its investment app. Nubank, Brazil’s largest fintech company, lists 28 cryptocurrencies. Since launching direct Bitcoin and Ethereum purchase services in January, Brazil’s most profitable state-owned bank, Banco do Brasil, has processed over R$11 million (approximately $2.1 million) in transactions. However, customer cryptocurrency trades do not appear on the banks’ balance sheets. A Central Bank document from March 2026 shows that Brazilian banks hold zero virtual assets on their books. Over the past year, Itaú, Bradesco, Santander, Banco do Brasil, and Nubank have all expanded their cryptocurrency offerings, coinciding with record growth in Brazil’s crypto market. According to data from Brazil’s Federal Revenue Service (Receita Federal), Brazilians transferred R$505.5 billion (approximately $98.7 billion) via cryptocurrencies in 2025—more than five times the 2020 level—with corporate transactions accounting for 98.3% of total volume. These bank initiatives align with regulatory developments. Brazil enacted the Virtual Assets Legal Framework in 2022, granting regulatory authority to the Central Bank. In November 2025, three resolutions were issued requiring any institution permitting customers to trade, hold, or transfer cryptocurrencies to obtain a license, meet minimum capital requirements, and segregate client accounts, with a compliance deadline of October 30, 2026.