Itaú Unibanco, Brazil's largest private bank, has formally notified the country's central bank that it provides cryptocurrency trading and custody services, becoming the first bank to file under Brazil's new crypto rules. The lender submitted its notification on October 27, ahead of the October 30 regulatory deadline, as reported by Valor Econômico.

The filing covers an existing service rather than a new launch: Itaú first began offering cryptocurrency investments through its banking platform in December 2023, and the notification formalizes that operation under the newly adopted framework. With the filing, the crypto operation of the country's largest private bank now sits within the formal perimeter of Brazil's new crypto rules.

First Filing Under Resolution 520

Under the new rules, firms that provide both trading and custody—meaning they hold digital assets on behalf of customers—are classified as virtual asset brokerages. Because Itaú already operates as a central bank-authorized lender, it was able to notify the regulator rather than pursue the license required of dedicated cryptocurrency providers. The setup creates a two-track market: banks that notify the regulator, and standalone firms that must obtain authorization.

Resolution 520 took effect on February 2, 2026, giving eligible banks already handling crypto 270 days to file notices—a window that closes on October 30. The rules require participating financial institutions to submit independent technical certification confirming compliance with the new standards, which cover custody, customer safeguards, and controls against financial crime.

The central bank may request further information and can order an institution to stop affected operations within 30 days of formal notice. Standalone cryptocurrency providers cannot rely on the bank notification route and must apply for authorization instead. Brazilian exchange Mercado Bitcoin, a standalone provider, has said it intends to seek approval as a crypto brokerage.

Trading Starts at 10 Reais With In-House Custody

Customers can trade 15 digital assets through the bank's app, including Bitcoin, Ether, Solana, XRP, and USDC. Purchases start at 10 Brazilian reais, and Itaú says it holds customers' assets using its own custody infrastructure, meaning users do not need to manage private keys themselves.

The bank has not released customer totals or trading volumes for its crypto business. Its website also states that cryptocurrency holdings do not qualify for Brazil's bank deposit guarantee protection—a gap that separates crypto balances from the protection attached to traditional deposits at the same institution.

Broader Industry Developments

The filing coincides with several separate developments in digital asset custody and payments. On October 27, BNY expanded its XRP and RLUSD custody services, while Tether has backed a Latin American payment expansion that includes planned services in Brazil. Overseas, Standard Chartered agreed to acquire Zodia Custody on October 21, a deal that remains subject to regulatory clearance.

Brazil is also preparing additional restrictions on crypto activity. Starting November 6, the country plans to bar authorized institutions from conducting certain cryptocurrency transactions with providers that lack local approval—a measure that would apply to banks such as Itaú for the transactions it covers.