brazil just put tokenized securities on a 60-day regulatory clock. The CVM created a 14-department working group to draft an experimental framework for securities issued, held, traded and settled through distributed ledger technology. The first proposal is due within 60 days; the broader review runs for 120 days, with a possible 30-day extension. The market-structure signal is what the regulator is trying to standardize: official ownership records, private-key custody, transaction reversibility, cybersecurity and system liability. Blockchains can compress the roles of registrar, custodian, exchange and settlement system, but that also concentrates failure points. Brazil's tokenized-asset market is already estimated at roughly 12bn reais, or 2.34bn USD, according to CoinDesk. The next catalyst is not a new token. It is whether the CVM creates a supervised path for issuance and secondary liquidity. Risk: this remains an experimental proposal, and restrictive rules could delay capital formation rather than accelerate it.