Brazil’s securities watchdog just put tokenization on a formal clock. The Comissão de Valores Mobiliários (CVM) launched the Securities Tokenization Working Group, known by its Portuguese acronym GTT, on July 17, giving the team 60 days to deliver an experimental regulatory proposal for securities issued on distributed ledger technology platforms.
The GTT is made up of 14 members drawn from CVM staff and external participants. Its scope covers essentially every layer of the tokenized securities stack: registration, custody, trading, settlement, cybersecurity, and operational risk.
What the GTT is actually building
The 60-day sprint is focused on producing a concrete proposal for an experimental regime. The broader mandate extends to 120 days, with an option for a 30-day extension. By the end of that window, the GTT is expected to deliver a comprehensive report and set of recommendations to the CVM board.
CVM President Otto Lobo framed the initiative as a pivotal moment for the country’s capital markets.
