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Brazilian Banks Enhance Cryptocurrency Offerings Amid Regulatory Developments
Brazilian banks are significantly expanding their cryptocurrency services as the regulatory framework for digital assets takes shape. Itaú, Brazil's largest asset management bank, now offers 15 types of cryptocurrencies, including Bitcoin, Ethereum, and the US dollar stablecoin USDC, through its investment app. Nubank, the country's largest fintech company, has listed 28 cryptocurrencies, while Banco do Brasil, the most profitable state-owned bank, reported transaction volumes exceeding 11 million reais (approximately 2.1 million USD) since it began offering direct purchases of Bitcoin and Ethereum in January 2026.
Despite the growth in cryptocurrency services, Brazilian banks have not recorded any virtual assets on their balance sheets. A document from the Central Bank of Brazil, dated March 2026, indicates that banks hold zero virtual assets. Over the past year, major banks such as Itaú, Bradesco, Santander, Banco do Brasil, and Nubank have broadened their cryptocurrency offerings, contributing to a burgeoning market. According to the Brazilian Federal Revenue Service, Brazilians transferred 505.5 billion reais (approximately 98.7 billion USD) through cryptocurrencies in 2025, a fivefold increase from 2020, with corporate transactions making up 98.3% of this total.
This expansion in banking services aligns with the implementation of new regulations. In 2022, Brazil enacted the 'Virtual Asset Legal Framework,' which granted regulatory authority to the Central Bank of Brazil. Recent resolutions issued in November 2025 mandate that any institution facilitating cryptocurrency trading, holding, or transfers must obtain a license, meet minimum capital requirements, and segregate customer accounts, with compliance required by October 30, 2026.
Source: KLEA News