Brazilian Securities Commission: Launching a tokenized securities experimental project to test blockchain trading

The Brazilian Securities Commission (CVM) issued Resolution No. 249, launching a tokenized securities experimental project to test simulated stock trading and securities issuance, operation, and management on a blockchain network. The project will take place in a controlled environment, using stocks and funds that are specially created simulated assets, without involving real financial risks.

The project will compare the advantages and disadvantages of public chains versus private chains for securities business and assess risks such as network security, smart contracts, interoperability, and network resilience. The blockchain networks participating in the pilot must encode market rules into smart contracts, maintain privacy in securities operations, and be subject to audits by regulatory agencies. Brazil's largest stock exchange, B3, is building a tokenization platform, which is scheduled to launch in 2027 and will use a self-developed stablecoin. Initially, it will not provide round-the-clock trading and will integrate liquidity pools of digital assets and traditional markets.