In brief

The CVM received the draft of the DLT Pilot Programme, which will test tokenised securities on distributed ledger networks with real time supervision.

The scope includes shares, debentures, receivables certificates and fund quotas.

What we know

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  1. Verified fact · material

    The Tokenisation Working Group delivered to the CVM board, on September 15, the draft resolution creating the CVM DLT Pilot Programme, within the 60 day deadline set by the July 17 ordinance.

    First formal step toward an experimental tokenisation regime.

    Sources[01][02]

  2. Verified fact · material

    The pilot will test issuance, offering, distribution, trading, bookkeeping, custody, central deposit and settlement of shares, debentures, receivables certificates, fund quotas and other collective investment contracts on voluntary DLT networks.

    The scope covers the whole chain now concentrated at B3B3OrganizationOperator of Brazil's exchange and market infrastructure, listed as B3SA3. Revenue tracks traded volumes; tax and regulatory disputes (Carf, Cade) make up its contingent risk.Open in the Market Map ↗.

    Sources[01][02]

  3. Verified fact · material

    The CVM will have direct access to the networks with real time reading of records, which the regulator intends to use to detect market irregularities.

    Changes the supervision model based on periodic reports.

    Sources[01][03]

  4. Context

    Tests will last 60 days, extendable by up to 30; participants will send final reports to the steering committee, which will submit a final assessment to the board with risks and regulatory recommendations.

    Sets the calendar toward an eventual definitive rule.

    Sources[01]

Transmission to assets

Market read-through

For B3B3OrganizationOperator of Brazil's exchange and market infrastructure, listed as B3SA3. Revenue tracks traded volumes; tax and regulatory disputes (Carf, Cade) make up its contingent risk.Open in the Market Map ↗, the pilot is the first regulated test of competing infrastructure in registration and settlement.

Banks and fintechs with tokenisation platforms gain a formal path; the board decision on the draft sets the timeline.

Portfolio impact

01
B3 (B3SA3)negative

The pilot opens the way for competing registration and settlement infrastructure.

Long term risk to the post trading monopoly.

What would change the view: Effect only after a definitive rule and adoption at scale.

direct40% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • CVM board deliberation on the draft
  • List of participants and networks admitted to the pilot
  • Position of B3B3OrganizationOperator of Brazil's exchange and market infrastructure, listed as B3SA3. Revenue tracks traded volumes; tax and regulatory disputes (Carf, Cade) make up its contingent risk.Open in the Market Map ↗ and Anbima on the programme

Limits of the reporting

What remains uncertain

  • Whether there will be a public hearing before the resolution
  • How the pilot coexists with Drex and the Anbima tokenisation pilot

Full sources

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01
CVMTécnicos da CVM finalizam proposta de piloto para testar tokenização no mercado de capitaisofficial source
02
Valor InvesteCVM finaliza proposta de piloto para testar tokenização no mercado de capitaisindependent newsroom
03
Valor InvesteCVM quer usar tokenização para detectar irregularidades no mercado em tempo realindependent newsroom
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