Brazil's securities regulator, the CVM, received 11 proposals for its new tokenization pilot, more than three times what it expected, its Tokenization Working Group (GTT) said. The proposals don't just differ in technology. They reflect competing answers to a basic question: is a tokenized security a digital copy of an asset registered elsewhere, or an asset that lives natively on a blockchain?
The Sandbox
The CVM published Resolution 249 on October 14, 2026, creating the CVM DLT Pilot Program. It lets the market simulate the whole life of a security on distributed ledgers, from issuance to settlement. The catch is that everything happens in an isolated environment with no real investors, no assets in circulation and no money moving, only test tokens and fictitious or anonymized data, according to Capital Aberto. Shares, debentures, receivables certificates and fund units are in scope. The resolution was the working group's first deliverable, produced in about 60 days after the group formed in July. The CVM stresses that taking part isn't an authorization.
The 11 Proposals
The submitters are ABBC, ABcripto, ABFintech, ABToken (multichain), ABToken (on Stellar), ANBIMA, B3, BEE4 & Nuclea, CSD, Liqi, and Real Price with Registro de Imóveis do Brasil. The working group is now checking each for fit with Resolution 249, listing open items and points of attention. As the CVM puts it, receipt isn't approval. A second meeting with the market on November 6 featured five panels with the CVM, B3, ANBIMA, ABToken, ABCripto and others.
Two Designs
| Crypto-native (ABToken and ABcripto) | Incumbent-integrated (ANBIMA, B3) | |
|---|---|---|
| Core idea | The asset is native to the blockchain, not a digital copy of an asset registered elsewhere (per Finsiders) | Tokenization integrated into existing capital-market roles; ANBIMA presented a Tokenization Network with BBChain, Itaú and IPMF |
| Networks | Public chains: Stellar and Solana among participants; one proposal multichain, one on Stellar | Not specified in the coverage reviewed |
| Regulatory ask | ABcripto proposed that the CVM supervise tokenized assets directly (per Exame) | Presented as building on existing market participants; Brazil's model separates bookkeeper, custodian, broker and B3 roles (per Capital Aberto) |
The ABToken multichain project, per a note to Exame, will test debentures and FIDC fund units, using fictitious assets in simulated scenarios in which a FIDC buys debentures. Its participants include Parfin, Banco Inter, Capitare, CertiK, Taurus, Hypernative, Stellar, XDC Network, Mercado Bitcoin, JustToken, RTM, Chainlink and ZKsync. Capital Aberto notes the pilot also opens room for models without the intermediaries Brazil's system relies on, which touches the heart of that infrastructure.
Two Notes on Details
Itaú. Valor's headline says ABToken's two pilots include participation by Itaú and Inter. We couldn't open the article, and other coverage places Itaú in ANBIMA's separate network, so we don't say which proposal Itaú belongs to. Mercado Bitcoin. The exchange, a participant in the multichain proposal, was hit by a hack on November 2. Exame reported that blockchain security firm Hypernative's preliminary estimate of suspicious movements could exceed $40 million across Bitcoin, Ethereum, Solana and Tron. The hack is unrelated to the sandbox, which uses no real assets, but it frames the risk debate.
What to Watch
- Which proposals the CVM accepts into the pilot after its adequacy review.
- Whether the tests settle the native versus representation question, or the regulator allows both.
- How the results shape the permanent regime the CVM says it will prepare, covering privacy, governance, supervision, interoperability and cybersecurity.
- CVM (gov.br), Nov 6 — second market meeting; GTT; Resolution 249
- Traders Union (citing the CVM) — list of the 11 proposers; scope
- Exame — ABToken multichain participants; ABcripto proposal
- Capital Aberto, Oct 14 — Resolution 249 design and constraints
- Finsiders Brasil — crypto-native approach
- BitNotícias — multichain and Stellar proposals; scope
- Exame — Mercado Bitcoin hack, Hypernative estimate
- SpaceMoney — event program; ANBIMA network participants
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