The Comissão de Valores e Bolsa de Brasil (CVM), Brazil’s securities regulator, is evaluating a new tokenization testing model that replaces traditional pre-selection with universal access criteria to foster competition and technological innovation. According to statements made by CVM Director João Accioly during the B3 Week held from September 14 to September 16, 2026, the proposed framework aims to abandon the restricted sandbox approach in favor of open participation for any entity that meets objective regulatory requirements.
Tokenization converts real-world assets (RWAs) into digital representations that can be issued, recorded, custodied, traded, and settled across cryptocurrency networks. The local market for these real-world assets has grown, reaching 12.000 millones de reales, according to data from the Monitor de RWA platform cited by CriptoNoticias. As digital asset adoption accelerates, regulators face mounting pressure to implement oversight models capable of keeping pace with industry developments.
Moving Beyond Traditional Regulatory Sandboxes
The prospective framework marks a distinct departure from previous regulatory sandboxes utilized by the Brazilian agency. Under the historical sandbox format, participation was strictly limited to a select group of projects chosen beforehand through discretionary screening by the regulator. Accioly criticized that older methodology during a B3 Week panel focused on market infrastructure, as reported by Valor Econômico.
“I don’t think the testing environment works properly as a simulation. It’s not an appropriate experiment because it doesn’t reproduce reality, where competition exists. And it’s competition that drives creativity and faster solutions,” Accioly stated during the event. By shifting away from discretionary approvals, the CVM intends to establish objective baseline rules that allow any qualified entity to enter the testing phase and deploy their digital asset solutions.
Institutional Strategy and Cybersecurity Evaluation
The discussion surrounding open testing aligns with broader institutional measures enacted by the Brazilian regulator. In July 2026, the CVM established a dedicated working group specifically mandated to study tokenization and draft modernized regulatory guidelines. This multidisciplinary team spans 14 distinct departments within the regulatory body.
The 14-department task force evaluates core financial plumbing, including deposit, custody, and settlement processes for tokenized securities. Additionally, the team consults external specialists, examines international regulatory models, assesses cybersecurity risks, and reviews outcomes from past testing programs. This comprehensive internal review reflects the agency’s broader strategy to establish robust legal certainty for blockchain-based financial instruments without stifling market entry.
Frequently Asked Questions
- What is the main goal of the CVM’s new tokenization model? The CVM aims to replace restricted, pre-selected regulatory sandboxes with an open access framework based on objective criteria, encouraging market competition and technological innovation.
- What is the current size of the Brazilian RWA market? According to Monitor de RWA data cited by CriptoNoticias, the Brazilian market for real-world assets stands at 12.000 millones de reales.
- When and where was the proposal announced? CVM Director João Accioly introduced the proposal between September 14 and September 16, 2026, during a panel at the B3 Week in Brazil.