Brazil’s crypto market hit a record R$505.5 billion ($98.7 billion) in 2025, up more than fivefold from R$94.9 billion in 2020, according to Receita Federal data. Major banks are expanding: Itaú now offers 15 crypto assets, Nubank lists 28, and Banco do Brasil has moved more than R$11 million ($2.1 million) in bitcoin and Ethereum transactions since January. Central Bank filings show zero proprietary crypto holdings on bank balance sheets as of March 2026, despite growing client-facing offerings. New regulations require all crypto service providers to obtain a license, meet minimum capital requirements, and maintain segregated client accounts by October 30, 2026, with stablecoin transactions now classified as foreign exchange operations. Banco Safra notably issued its own dollar-pegged stablecoin, Safra Dólar, in September 2025, joining the crypto expansion wave.
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