Brazilian Securities Regulator Advances Securities Tokenization Pilot Testing

The Brazilian Securities Regulator (CVM) is advancing a pilot program for distributed ledger technology (DLT) aimed at simulating securities tokenization trading. This program does not involve real securities or investors and is coordinated by the CVM's tokenization working group (GTT). The testing will last for 60 days, with a possible extension of up to 30 days. The draft is pending approval from the board, and the testing scope covers most of the securities lifecycle, including the issuance to settlement of stocks, bonds, receivable certificates, and investment fund shares.

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