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CVM creates new rules for crowdfunding due to growing demand for tokenization and integration with DREX

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CVM cria novas regras para crowdfunding por crescente demanda da tokenização e integração com o DREX

CVM creates new rules for crowdfunding due to growing demand for tokenization and integration with DREX

The growing presence of crypto assets in the Brazilian economy and the great news surrounding the forthcoming launch of the Brazilian fiat currency, the Drex, are stirring things up behind the scenes in the regulation of digital assets, especially at the CVM.

The authority that regulates securities transactions has been active since 2023, when it issued a resolution on the tokenization of fixed income, which directly and negatively affected offers of receivables tokens.

Now, in line with the convergence of major movements in and around the cryptomarket, the CVM is going to update the rules for issuing RWA tokens.

The content of the new resolutions is not yet known and the next few months will be key to understanding the decisions and their impact on business.

To facilitate future understanding, BLOCKBR, a company that develops tokenization infrastructure, provides a summary of what has happened so far and invites you to follow all the developments!


The regulation of crypto-assetsdigital currencies and business tokens – is a topic that has been developing for a few years, with some milestones and a positive agenda for the coming months. Negotiations are well underway.

In December 2022, Law 14.478/22, known as the Cryptocurrency Law, was passed, which deals with a number of aspects linked to the operation of digital currencies in Brazil, but notably two:

  • Definition of digital assets to clearly define the scope of the law and future regulations;
  • Creation of the VASP concept, the digital asset service provider, which will encompass cryptoasset exchanges, asset tokenizers and other activities;
  • Adding to the Penal Code and the Money Laundering Act provisions for crimes involving the use of digital assets.

In June 2023, the Digital Assets Legal Framework was launched, the stage that establishes the practical aspects for the regulations provided for in the law.

Among a series of definitions, it was established:

  • The Central Bank will be the regulator of the real asset token market;
  • The CVM will take care of regulating tokens included in securities transactions.

The regulations for granting the VASP registration have been postponed until the first half of 2025, but companies in the sector – exchanges and tokenizers – can operate normally during this period.


One issue that generated a lot of discussion, including questions from cryptomarket companies to the CVM, was the authority’s decision to define fixed-income token offerings as securities trading:

This decision radically changes the way fixed-income tokens can be traded, since a tokenized receivable must comply with the rules on public offerings and companies must register with the CVM as securities brokers.

As an alternative, the CVM recommends that token projects be carried out through crowdfunding licenses, which in turn are limited to operations of R$15 million.

From the perspective of the transactional token market, the offering process will take too long, which runs counter to the agility and liquidity that are the hallmarks of successful tokenization.

Another negative fact is that fixed-income tokens cannot be traded on the secondary market, where initial investors can trade tokens to third parties.


After including receivables tokens and fixed-income tokens in crowdfunding operations, the CVM plans to launch new guidelines for issuing real-world asset tokens in Brazil, using the same crowdfunding methodology.

These are new rules that consolidate the integration between the securities market and Drex, which is the national digital currency and smart contracts platform that the Central Bank plans to launch in the first half of 2025 and is currently testing.

The autarchy plans to establish improvements to meet the continued growth of tokenization in Brazil, especially with real asset tokens backed by credit rights.

Image: Canva


Tokenization is a reality in the market, with an increasing number of companies and people generating revenue with tokens. Recent actions by BACEN and the digital real are increasing the credibility of the technology.

For the success of your project, it is essential to have an adequate and efficient tokenization infrastructure for the financial and other markets, comprising:

  • Technical, fiscal and legal feasibility study;
  • Issuance of tokens and smart contracts with transparent governance;
  • Distribution of tokens on a simple and secure sales platform;
  • Efficient and assertive tokenization governance.

Discover BLOCKBR’s infrastructure work for regulated and unregulated markets through an All-In-One platform that offers interoperability between assets and investors.

You don’t want to see your competitor get ahead to make more money.

Or do you want to?

BLOCKBR is a fintech specialized in building infrastructure that allows a simplified migration to tokenization, meeting the needs of a highly regulated environment.

Our main mission is to develop autonomy for the capital market so that it can move, grow and potentially access digital assets. We develop legal and technological solutions that create opportunities and simplify the way in which financial services will operate, from the structuring and new roles of the agents involved to the management and supply of these assets, generating efficiency, lower costs and greater speed of liquidity.

We take care of all the technological infrastructure for tokenization and regulation, simplifying your life so that you can take care of your customer relationships!

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