Brazil's largest private bank is the first financial institution to formalize its crypto operations under the country's new digital asset rules.
Wed 28 Oct 2026 · 06:55 EDT · 2 min read
In Regulation
Share
Itaú Unibanco, Latin America’s largest bank by market value, has notified Brazil’s Central Bank of its virtual asset service provider status as the country implements new rules governing crypto-related services.
Formalized on October 27, the measure covers the intermediation and custody of crypto assets, activities that fall within the brokerage framework established by the regulation.
Under the rules, financial institutions that already hold Central Bank authorization can carry out virtual asset activities by following a notification process. Other virtual asset service providers must obtain operating authorization.
Itaú has provided crypto trading services since December 2023 and now offers more than 14 digital assets, including Bitcoin, Ether and USDC, a stablecoin tied to the US dollar. The bank also offers crypto custody services.
The crypto and markets news you actually need—every morning.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
We respect your privacy. Unsubscribe anytime.
Itaú said customer security has been a priority since it entered the market, adding that the development would create a stronger basis for the growth of digital assets in Brazil and worldwide.
The bank previously recommended a 1% to 3% Bitcoin allocation for investors seeking portfolio diversification and protection against the depreciation of local currencies.
Renato Eid, who leads beta strategies and ESG integration at Itaú Asset Management, said Bitcoin should be treated as a supplementary asset rather than a portfolio cornerstone, with the potential to provide returns independent of domestic economic conditions and long-term appreciation.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.