Itaú Unibanco, Brazil's largest private bank, notified the country's central bank on 27 October of its crypto-asset trading and custody operations, becoming the first bank to do so under new Resolution 520. Already licensed institutions active in crypto had 270 days, until 30 October, to notify the regulator with an independent technical certification, while dedicated crypto providers must instead apply for an operating licence. Itaú already offers 15 crypto assets, including bitcoin, ether and USDC.

What it means: Brazil is following a logic similar to the EU's MiCA regulation: institutions already supervised, such as banks, simply notify the regulator of the new activity, while independent crypto service providers need a full licence. The fact that the country's largest private bank is moving first shows crypto assets shifting from the margins to the core of banking services, at least in markets such as Brazil with strong retail demand. The 30 October deadline acts as a filter: businesses that fail to notify or apply for a licence in time must stop their services within 30 days, which will clear the market of smaller or less organised providers. For Greece and the EU, where MiCA is already in full effect, the move serves as a point of comparison, showing how a large market outside Europe handles the same question of fitting banks into a framework originally built for specialised providers. Greek banks considering entering crypto services can watch whether Brazil's approach increases or decreases participation by traditional banks.

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