Brazil’s CVM moves ahead with sandbox-style test for tokenized securities

Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), is moving forward with a distributed ledger technology pilot focused on tokenized securities. The proposal covers simulated trading only and does not involve real securities or actual investors. The test will be coordinated by CVM’s tokenization working group and is set to run for 60 days, with an option to extend it by another 30 days. The draft still requires board approval before it can proceed. According to the brief, the scope of the test spans multiple parts of the securities lifecycle, from issuance through settlement. Assets included in the planned simulation are stocks, bonds, receivables certificates, and investment fund shares. The move shows that the regulator is examining how tokenization infrastructure could be applied within securities markets, but the current plan remains limited to a controlled, non-live environment.