Itaú Unibanco, Brazil's largest private bank, has officially registered with the Central Bank of Brazil to provide cryptocurrency custody and intermediation services. This move aligns the institution with the new regulatory framework for virtual asset service providers, known as SPSAVs, which became effective on February 2, 2026.
The regulatory shift requires companies that manage, trade, or hold crypto for customers to adhere to strict standards. These include the mandatory segregation of client assets from company funds, compliance with anti-money laundering protocols, and adherence to governance rules similar to those governing securities brokers.
Itaú has been involved in the crypto space since 2022, initially focusing on tokenization and later launching bitcoin trading for retail clients via its investment app, íon. The bank's registration follows the introduction of Central Bank Resolutions 519, 520, and 521, which established the licensing requirements for the sector.
New regulations also impact cross-border transactions, with Resolution 521 imposing a $100 000 cap on transfers involving unauthorized counterparties. Furthermore, starting in 2027, providers must meet enhanced financial security requirements, and institutions in the simplified Segment 5 category are now prohibited from offering virtual asset services.
