Brazilian banks are accelerating their expansion into cryptocurrency services, but this wave of growth is occurring primarily on the customer service side rather than through the banks’ own accounts. Local media, citing filings with Brazil’s central bank, report that as of March 2026, Brazilian banks still held no virtual assets on their balance sheets, though the number of crypto products offered to customers continues to rise.
Banks are accelerating the listing of crypto assets.
Brazil’s largest asset management bank, Itaú, now offers 15 crypto assets on its investment app, including Bitcoin, Ethereum, and the USD-stablecoin USDC. Brazil’s largest fintech company, Nubank, currently supports 28 crypto assets.
In January, Brazilian bank Banco do Brasil began allowing customers to directly buy and sell Bitcoin and Ethereum. The bank told media that since the service launched, total transaction volume has exceeded 11 million Brazilian reais.
The market size has reached a new high.
Data from Brazil’s Federal Revenue Service (Receita Federal) shows that local cryptocurrency trading volume reached BRL 505.5 billion in 2025, more than five times the BRL 94.9 billion recorded in 2020.
Among these, corporate transactions dominate. In 2025, corporate cryptocurrency trading volume reached BRL 497 billion, accounting for 98.3% of the total volume recorded by the tax authority, while individual investors made up a relatively small share.
Regulatory guidelines encourage banks to enter the market.
Brazil enacted a legal framework for virtual assets in 2022, assigning regulatory authority to the central bank. In November 2025, the central bank issued three resolutions further clarifying rules on licensed operations, minimum capital requirements, and client asset segregation, with regulated entities required to comply by October 30, 2026.
Among these, Resolution No. 521 classifies the buying, selling, and exchange of dollar-pegged tokens as foreign exchange transactions, subjecting them to reporting requirements similar to those for cross-border remittances. This formally brings stablecoins under the more direct regulatory oversight of the central bank.
Carlos Akira Sato, co-founder of consulting firm Syscapital, said that clearer regulations have increased banks' willingness to launch related products. For Brazilian banks, which have traditionally been cautious, regulatory clarity has significantly reduced resistance to expanding cryptocurrency services.
Banks still avoid holding cryptocurrency on their own balance sheets.
The report states that the Brazilian bank's current cryptocurrency activities primarily involve trading, custody, and transfer processing on behalf of clients, without including related assets on its own balance sheet. Under this criterion, the Brazilian bank has not yet truly assumed the price volatility and liquidity risks of cryptocurrency assets.
In this context, some banks have begun using stablecoins as an entry point closer to traditional financial services. Banco Safra launched its own USD stablecoin, Safra Dólar, in September 2025, self-custodied to provide clients with USD exposure without requiring overseas account opening.
Additional information: The report states that approximately 120 crypto companies in Brazil are working to meet licensing requirements before October 30, 2026, and banks that have already completed their compliance preparations still have room to expand their crypto product offerings.