The acting president of the Brazilian Securities and Exchange Commission (“CVM”), Otto Lobo, announced this Wednesday, September 24, 2025, the launch of a Public Consultation (“Consultation”) to review Resolution CVM 88, which regulates investment crowdfunding. The proposal will be made available by October 1st.

The initiative comes amid strong growth in the sector: between January and July 2025, issuances amounted R$2.2 billion, surpassing 69% of the entire volume recorded in 2024.

Main points of the Consultation

Secondary market for tokens: to be operated by securities distributors and brokers (“DTVMs” and “CTVMs”), increasing liquidity and enabling buybacks by the platforms.

Agribusiness: authorization for individual farmers to issue Rural Product Notes (“CPRs”) through crowdfunding.

Fundraising limits: increase of the current fundraising cap of R$15 million and elimination of the requirement for issuers to have a maximum annual revenue of R$40 million.

According to Lobo, the Consultation represents the first step in restructuring the tokenization of securities in Brazil. The regulatory agenda also includes the preliminary version of Resolution CVM 135, adjustments to investment fund rules in line with IFRS, and measures focused on sustainability, such as the regulation of carbon credits.

The sector is getting ready, still in 2025, for the upcoming Central Bank regulations on virtual asset service providers. Globally, experts note that while Brazil’s framework is more detailed and brings higher adaptation costs, it is expected to enhance regulatory certainty. At the same time, initiatives like MiCA, in the European Union, highlight the importance of greater regional harmonization, a topic that is also beginning to gain traction in Mercosur discussions.

The changes are expected to bring greater legal predictability and boost investor confidence, but they will also demand increased focus on governance, compliance, and regulatory costs across the digital asset ecosystem.

VPBG has a specialized team ready to assist with this and other regulatory matters. For more information, please contact us.