Brazil’s Securities and Exchange Commission, the CVM, has approved Resolution No. 249 to launch an experimental program for tokenized securities. The initiative will test simulated stock trading as well as the issuance, operation, and management of securities on blockchain networks. According to the notice, the pilot will run in a controlled environment using specially created mock shares and mock funds, meaning it will not expose participants to real financial risk.
The program is also designed to compare the strengths and weaknesses of public and private blockchains for securities-related activity. The CVM said it will examine risks tied to cybersecurity, smart contracts, interoperability, and network resilience. Blockchain networks joining the pilot must encode market rules into smart contracts, preserve privacy in securities operations, and remain open to audit by regulators.
The announcement also notes that B3, Brazil’s largest stock exchange, is building a tokenization platform scheduled to go live in 2027. The platform is expected to use an in-house stablecoin. At launch, it will not support round-the-clock trading and is intended to combine liquidity pools from digital assets and traditional markets.
Brazil’s Securities and Exchange Commission, the CVM, has issued Resolution No. 249 to launch an experimental program for tokenized securities, testing simulated stock trading as well as the issuance, operation, and management of securities on blockchain networks.
Pilot to run in a controlled environment
The project will be conducted in a controlled setting. The shares and funds used in the tests will be specially created simulated assets, with no real financial risk involved.
Public and private blockchains will both be assessed
The program will compare the advantages and disadvantages of public and private blockchains in securities business. It will also evaluate risks related to cybersecurity, smart contracts, interoperability, and network resilience.
Trial networks must support privacy and regulatory audit
Blockchain networks participating in the pilot will be required to encode market rules into smart contracts. Securities operations must preserve privacy while remaining subject to audit by regulators.
B3 targets 2027 launch for tokenization platform
B3, Brazil’s largest stock exchange, is building a tokenization platform that is planned to go live in 2027 and use a self-developed stablecoin. In its initial phase, the platform will not offer 24/7 trading and will combine liquidity pools from digital assets and traditional markets.
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