Itaú Opens the Crypto Vault: Brazil’s First Bank Clears the regulatory Checkmate

Brazil’s largest private bank, Itaú Unibanco, has become the first bank to formally register cryptocurrency trading and custody services with the country’s central bank. The notification was submitted ahead of the October 30 deadline under Brazil’s new digital asset framework.

Valor Econômico reported on October 27 that the registration covers services launched by Itaú in December 2023, allowing customers to trade cryptocurrencies through the bank’s platform. The bank currently offers 15 digital assets, including Bitcoin, Ethereum, Solana, XRP and the USDC stablecoin.

Customers can begin investing with R$10, while Itaú manages cryptocurrency custody through its own infrastructure. The bank has not disclosed customer numbers or trading volumes. Guto Antunes, Itaú’s digital assets executive, said customer security remains a concern and emphasized the importance of clear regulations and strong governance standards for financial institutions.

Brazil’s new crypto rules require banks to notify the central bank by October 30 and obtain independent technical compliance certification. In a separate development, Russia’s central bank approved Sberbank for crypto exchange services on October 13, allowing the lender to operate under the applicable regulatory framework.