Brazil's Securities Regulator CVM Advances Distributed Ledger Pilot for Tokenized Securities

According to Ledger Insights, the Brazilian Securities and Exchange Commission (CVM) is advancing a Distributed Ledger Technology (DLT) pilot program that will conduct simulated trading tests for tokenized securities, without involving real securities or investors. The test is led by the CVM Tokenization Working Group (GTT), will run for 60 days with a possible 30-day extension, and will cover the full lifecycle (from issuance to settlement) of assets including stocks, bonds, accounts receivable certificates, and investment fund shares. The trial aims to assess the technical, operational, and legal feasibility of DLT in capital markets, explore cross-network interoperability, and identify regulatory gaps, with the final outcomes potentially driving adjustments to relevant rules and legislation. The draft resolution remains pending approval from the CVM Board of Directors.