Brazil’s securities regulator, the CVM, is advancing plans for a distributed ledger pilot program for tokenized securities. Despite the pilot label, local media that have seen the draft resolution, say it involves simulated transactions with no real securities or investors.
The CVM’s Tokenization Working Group (GTT) will coordinate the program, with testing to run for 60 days, extendable by another 30. The draft resolution still needs board approval. The scope covers most of the securities lifecycle, from issuance through settlement, for shares, debentures, receivables certificates and investment fund units.
Participants will submit reports at the end, feeding into a final assessment that could recommend changes to rules or legislation. The tests themselves will assess the technical, operational and legal viability of DLT in capital markets, while also exploring interoperability between networks and identifying regulatory gaps.
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