Itaú Unibanco, Brazil's largest private bank, filed with the Central Bank of Brazil to formalize its role as a cryptocurrency service provider. The filing covers intermediation and custody of crypto assets, placing Itaú within a regulatory framework that did not exist a year ago.
Brazil's central bank requires every company that holds, moves, or trades crypto for customers to register as a regulated provider. The new framework, established through Resolutions 519, 520, and 521 in 2025 and early 2026, created a license category called Sociedades Prestadoras de Serviços de Ativos Virtuais, or SPSAVs. Rules took effect February 2, 2026.
Providers must formally segregate client and company assets, meet minimum capital levels, and comply with customer protection, governance, internal control, security, and anti-money laundering standards that apply to banks and brokers. Resolution 521 brought crypto transactions into the foreign-exchange regime, capping transfers with unauthorized counterparties at $100,000.
Itaú began letting retail clients buy and sell bitcoin through its investment app, íon, in late 2025. The crypto assets traded on the platform are held in custody by Itaú itself.
On July 1, 2026, the central bank approved tighter rules. Beginning in 2027, providers must meet financial security requirements similar to those for securities brokers and distributors. The regulator barred institutions in Segment 5, the simplified-rules category for smaller banks, from offering virtual asset services. This decision pushes crypto activity toward larger, better-capitalized players like Itaú.