Brazil’s securities regulator receives 11 proposals for its DLT pilot
CVM will assess 11 proposed tokenized-market tests spanning issuance, trading, custody, settlement and post-trade infrastructure.
In brief
- The 11 submissions are proposals for assessment, not approvals or evidence that live trading has begun.
- The pilot can examine the full securities lifecycle, from issuance and distribution to custody, settlement and post-trade processing.
- CVM says the tests are intended to identify technical, legal and supervisory gaps before any broader rule changes.
What changed
Brazil’s Comissão de Valores Mobiliários said on 6 November 2026 that its Tokenization Working Group had received 11 project proposals for the regulator’s experimental DLT Pilot Program. The submissions came from market associations and infrastructure or technology participants, including ANBIMA, B3, ABFintech, Liqi, BEE4 with Nuclea, and two ABToken proposals using different networks. CVM said it received more than three times the number of projects it had expected, but the announcement does not say that any proposal has been admitted.
The tests can cover an entire securities workflow
The program is designed for experimental issuance, offering, distribution, trading, bookkeeping, custody, central depository activity, settlement and post-trade processing on distributed-ledger networks. CVM says the scope may include shares, debentures, receivables certificates, investment-fund units and other securities or collective-investment contracts. That breadth matters because a tokenized instrument is not only a digital record: the test must also examine who records ownership, moves cash and assets, handles custody and preserves investor rights when systems interact.
Selection comes before experimentation
The working group will review every proposal for compliance, missing information and issues under CVM Resolution 249, the October rule that created the pilot. A CVM management committee is responsible for coordination, supervision and control. The regulator says completed test reports will go to its board in a final evaluation covering results, identified risks and recommendations for possible regulatory or legal improvements. In other words, the pilot is an evidence-gathering process rather than a shortcut to unrestricted production activity.
What remains unknown
The announcement does not identify which proposals will be selected, when individual tests will start, what transaction volumes they may handle or whether the experiments will involve real investor money. It also does not establish that DLT will outperform existing market infrastructure. For readers outside Brazil, the useful signal is narrower: a major Latin American securities regulator now has a concrete pipeline of proposed tests covering both market assets and operational infrastructure, with admission and results still subject to official review.
Sources and verification
Based on an official announcement
Verified against CVM’s Portuguese-language release published 6 November 2026 and translated into original English reporting. The 11 submissions remain proposals awaiting assessment.
- Grupo de Trabalho de Tokenização da CVM recebe 11 propostas de pilotos para testes Comissão de Valores Mobiliários · Primary document · 6 Nov 2026
Prepared with AI assistance from the linked sources. This is not a claim of independent field reporting or human review. How we publish · Report a correction
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