Three of Brazil's largest financial institutions—Itaú, Nubank, and Banco do Brasil—are now operating as crypto custodians and brokers for millions of retail customers, offering token menus that rival standalone exchanges while maintaining zero proprietary crypto holdings.
The expansion follows the Brazilian Central Bank's regulatory framework for virtual asset service providers, which became effective in February 2026. The BCB passed resolutions in late 2025 that formalized authorization requirements, capital adequacy standards, mandatory asset segregation, and proof of reserves.
For incumbent banks already accustomed to traditional finance regulation, the rules presented minimal friction. Itaú, the country's largest private bank, began offering Bitcoin, ether, and 13 other tokens to retail clients in early 2025 through its existing brokerage platforms. Banco do Brasil, state-controlled, launched direct Bitcoin and ether access in January 2026 and has processed more than R$11 million ($2.1 million) this year. Nubank, a digital bank, has pursued the most aggressive expansion with 28 listed assets and 7 million active crypto traders on its platform.
The banks structure their crypto services purely as custodial intermediaries. Central Bank filings reviewed by Folha showed zero proprietary crypto holdings at Brazilian banks as of March 2026. All three classify crypto services as high-risk investments and require mandatory risk disclosures before clients can trade.
Brazil's broader crypto market reached R$505.5 billion ($98.7 billion) in 2025, a more than fivefold increase from R$94.9 billion in 2020, according to Receita Federal data.
