Itaú becomes first Brazilian bank to formalize crypto trading

Itaú Unibanco, Brazil’s largest private bank, has formally registered its cryptocurrency trading and custody activities with the country’s central bank, becoming the first Brazilian bank to complete the notification process under the new digital asset regulations. Summary Brazil’s largest private bank, Itaú Unibanco, has become the first bank in the country to formalize its cryptocurrency trading and custody operations under the new regulations. The bank submitted its notification to the central bank on October 27, ahead of the October 30 deadline, and currently offers 15 digital assets, including Bitcoin, Ethereum, and USDC. Itaú has offered cryptocurrency trading since December 2023, but the latest filing brings its existing services under Brazil’s new regulatory framework. Brazil’s new rules allow already authorized banks to register their crypto services through notification, while dedicated cryptocurrency exchanges must apply for operating authorization. According to a report by Valor Econômico, the lender submitted its notification on October 27, three days before the October 30 deadline for financial institutions already offering cryptocurrency services to comply with the ce...