Itaú Unibanco registers crypto services under Brazil's new rules

The registration covers the bank's existing virtual asset brokerage services, which currently provide customers access to 15 digital assets, including Bitcoin, Ethereum, and the USDC stablecoin. Because Itaú already operates under the central bank's supervision, it bypassed the lengthy licensing process required for dedicated cryptocurrency exchanges, utilizing a streamlined notification procedure instead.

Itaú launched its digital asset offerings in December 2023 through its Íon investment platform. While the bank has been scaling these services for months, the new regulatory framework—codified in Resolution 520—mandates that all institutions provide an independent technical certification of their security and operational standards. Failure to meet this requirement by the end of October would have forced the bank to cease its crypto-related activities.

This shift aligns with broader regulatory tightening in Brazil. The central bank recently issued Resolution 589, which prohibits regulated financial institutions from conducting transactions with unauthorized virtual asset providers starting November 6. Additionally, new reporting rules for transfers exceeding $10,000 involving self-custody wallets are now in effect, requiring disclosure to the Council for Financial Activities Control.