Brazilian banks Itaú, Nubank, and Banco do Brasil are expanding retail crypto token offerings as regulatory clarity improves.
Regulation & Gov ·
Brazil's largest bank by assets under management, Itaú, now offers 15 cryptoassets to retail clients through its investment app, while Nubank, the country's largest fintech, lists 28 tokens available for purchase. Banco do Brasil, which began allowing customers to buy Bitcoin and Ethereum directly in January, has processed over R$11 million in transactions through the service. None of these institutions hold crypto on their own balance sheets; Central Bank filings from March 2026 show zero proprietary virtual asset holdings across Brazilian banks, despite their capacity to custody and process crypto on behalf of clients.
The expansion reflects recent regulatory developments. Brazil's Central Bank published three resolutions in November 2025 that require any firm enabling customers to trade, hold, or send crypto to obtain a license, maintain minimum capital, and segregate client accounts by an October 30 deadline. This regulatory clarity has prompted conservative banks to enter the market, according to industry observers. The broader crypto landscape in Brazil expanded significantly, with R$505.5 billion in transactions recorded in 2025—more than five times the 2020 volume—though corporate activity accounted for the vast majority of volume.
Whether retail adoption will sustain remains unclear. While several banks including Bradesco and Santander have expanded their crypto lineups alongside the regulatory framework, the extent to which retail demand will drive further product growth or whether banks will deepen proprietary involvement in crypto assets has not been determined.