Itaú Unibanco formalised its cryptocurrency activities with Brazil's central bank, the Banco Central do Brasil (BC), on Tuesday (27), becoming the first major Brazilian bank to notify its trading and custody operations in digital assets under the country's new sector regulation. The move comes three days before the 30 October deadline set by the regulator for institutions already offering such services in Brazil to comply with the initial requirements.

Unlike exchanges such as Mercado Bitcoin and Binance, which filed applications for authorisation to continue operating, Itaú only needed to notify its activities to the Banco Central do Brasil. That is because the bank is already a financial institution authorised and supervised by the monetary authority.

The notification covers two activities: intermediation, which involves buying and selling cryptocurrencies for clients, and custody, which corresponds to safekeeping the digital assets. Under the regulation, the combination of these services is equivalent to the activities of a virtual asset exchange.

The formalisation does not represent the creation of a new company or the launch of a new service. Itaú has offered cryptocurrency trading since December 2023 through its app, and already carries out custody of the assets acquired by users.

The bank currently offers more than 14 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and USD Coin (USDC), a stablecoin pegged to the US dollar.

Read also: Mercado Bitcoin files for crypto licence with Banco Central do Brasil

The institution, however, does not disclose how many clients use the service or the financial volume traded on its platform.

In a statement to Valor Econômico, Guto Antunes, Itaú's head of digital assets, said that setting rules for the sector helps establish standards of security and governance. "An environment with clear rules and high standards of security and governance benefits the whole industry, and consumers in particular," the executive said.

The move also underscores the growing presence of traditional banks in the cryptocurrency market, which until a few years ago was dominated mainly by specialised exchanges.

Why did Itaú not need to apply for a crypto licence from the Banco Central do Brasil?

The difference between Itaú's situation and that of the exchanges lies in the authorisation structure set out in the new regulation.

BCB Resolutions No. 519 and 520, published in November 2025, set out the conditions under which companies may offer cryptocurrency-related services in Brazil, including requirements on capital, governance, cybersecurity, internal controls and the protection of client funds.

Virtual asset service providers, known in Brazil as SPSAVs — the category that covers specialised exchanges — must apply for specific authorisation to operate.

Banks and certain financial institutions already authorised by the Banco Central do Brasil, by contrast, can offer these services by following an activity-notification procedure, provided they meet the regulatory conditions.

This does not mean they are exempt from the security, transparency and risk-management rules that apply to cryptocurrency operations. The distinction lies mainly in whether or not a new operating authorisation is required.

The procedure comes amid a reorganisation of the Brazilian market ahead of the approaching 30 October deadline.

This week, Binance and Mercado Bitcoin confirmed their authorisation requests to the BC. Exchanges such as Bybit and OKX had previously announced similar applications.

At the same time, some companies have decided to scale back or end their operations in Brazil in light of the new requirements. Revolut, for instance, announced the temporary suspension of its cryptocurrency services, while other platforms have chosen to exit the Brazilian market.

For banks, the regulation could represent a competitive advantage, since these institutions typically already have compliance structures, internal controls and governance frameworks developed to meet traditional financial-system standards.

Under the new regulation, both banks and exchanges will operate under specific requirements for virtual assets, although their administrative procedures and authorisation structures differ.

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