meta_id 3500217

On September 15, 2026, the Tokenization Working Group (Grupo de Trabalho de Tokenização – GTT) of Brazil's Securities Commission (Comissão de Valores Mobiliários – CVM) submitted to the CVM's Board a draft resolution proposing the creation of the CVM DLT Pilot Programme. The initiative will test the issuance, offering, distribution, trading, registration, custody, centralised deposit, and settlement of securities on distributed ledger technology (DLT) networks. The pilot programme aims to evaluate the technical, operational, and legal viability of DLT in Brazil's securities market, assess interoperability between networks, and identify risks, vulnerabilities, and potential regulatory gaps. The GTT, established by CVM Order 177 published on July 17, 2026, comprises technical staff from 14 CVM superintendencies and includes market associations, self-regulatory organisations, and experts. The working group consulted extensively with market participants to avoid directing tests toward specific technologies and to prevent restricting future innovation. Experimental operations may include shares, debentures, receivables certificates, investment fund quotas, and other collective investment titles or contracts. The CVM will directly monitor tests through real-time access mechanisms to voluntarily selected networks. External GTT members representing authorised entities or self-regulatory organisations may manage test networks. A Steering Committee comprising CVM members of the GTT will coordinate the pilot programme. Tests will run for 60 days, extendable by up to 30 days. Participants must submit conclusive reports to the Steering Committee, which will consolidate findings and submit a final evaluation to the CVM Board. The evaluation will address results, identified risks, and recommendations for regulatory or legal improvements.