Itaú becomes the first Brazilian bank to register its crypto desk with the central bank, three days before the deadline

Brazil's biggest private bank has put its crypto business on the regulator's books. Itaú Unibanco notified the Central Bank of Brazil on Tuesday that it operates as a virtual asset service provider covering trading and custody, which falls into the brokerage category under the central bank's Resolution 520, according to CoinDesk, citing Valor Econômico, and Brazilian outlet LetsMoney. CoinDesk said it is the first bank in the country to formalise its crypto operation under the new rules.

Resolution 520 took effect on February 2. Banks the central bank already authorises can use a notification process, while dedicated crypto firms must apply for a licence; both groups had 270 days to act if they were already in the business, and submissions need an independent technical certification. Anyone who misses the deadline must wind down crypto services within 30 days. LetsMoney said Binance and Crown have also asked for authorisation; Cryptoweek reported Binance's application on Tuesday.

Itaú has sold crypto to customers since December 2023 and offers about 15 assets, including bitcoin, ether and the USDC stablecoin; CoinDesk says it has not disclosed how many customers use the service or how much they trade. Guto Antunes, Itaú's superintendent of digital assets, said in a statement quoted by LetsMoney that the bank has prioritised customer security from the start. Mercado Bitcoin says it is seeking brokerage authorisation too, and from November 6 authorised institutions are barred from dealing with unauthorised providers.