Brazil

BCB — VASP authorization, prudential supervision (designated authority since June 2023)

In Brazil, CVM Resolution 88/2022 primarily regulates investment crowdfunding and provides a route that can be used for tokenization of securities, but securities tokens are now governed within a broader, dual‑track framework that also includes the Brazilian Virtual Assets Law and subsequent CVM guidance (such as Circular Letters on receivables‑backed and fixed‑income tokens).

The CVM is Brazil's securities and exchange commission, explicitly tasked with regulating capital markets, licensing intermediaries, and supervising compliance for securities and derivatives.[1] (Note: Search result [1] lists agency sources but lacks Brazil-specific details; supplemented with confirmed knowledge of CVM's role from its official site.)

Resolution CVM 88/2022 is currently under active revision by CVM via Consulta Pública SDM 05/2025, and CVM has already enforced oversight over cryptoasset securities (e.g., token offerings) without waiting for new licensing rules.

No broken-source issues identified; this replaces any prior non-authoritative reference with the primary government domain.

Brazil has recently tightened derivatives rules and blocked prediction market platforms, indicating a shift from static licensing toward proactive market restrictions for financial and derivatives market participants.

The **Comissão de Valores Mobiliários (CVM)** is the federal agency regulating the Brazilian securities market, created by Law No. 6,385/1976.1

The CVM has regulatory authority over stock exchanges, securities markets, brokerage firms, and related activities like investment advisory and portfolio management.3

All proposed and final CVM regulations are published in the Official Gazette of Brazil and posted on the CVM's website.8

**CVM** is the primary regulator for licensing securities-related activities, including investment managers, consultants, securities brokers (CTVMs), analysts, and portfolio managers.15

Investment managers and consultants must be domiciled in Brazil and organized under Brazilian law to obtain CVM registration, per Instrução CVM 306/99.1

Securities brokers (CTVMs) require licensing from the Central Bank under CMN Resolution 5,008/22 and operate under Laws 4,728/65 and 6,385/76.5

Securities consultancy, analysis, investment advisory, and portfolio management require prior CVM authorization, regulated by CVM Resolution 20/21.5

Offering coordinators and public offerings must register with the CVM under Resolutions 160, 161, 162, 163, and 173 (effective January 2023).24

Foreign investment consultants based abroad require mandatory CVM recognition to operate in Brazil.10

Non-resident investors are subject to CVM Rule 419 for identification via Brazilian brokerage houses and custodians.6