The Tokenisation Working Group of Brazil's Securities and Exchange Commission has submitted a draft resolution to establish the DLT CVM Pilot Programme. The proposal creates a structured environment to test distributed ledger technology across capital market infrastructure.
Scope and objectives of the pilot programme
The proposed regulatory framework enables experimental testing across the full life cycle of securities, including issuance, public offering, distribution, trading, bookkeeping, custody, centralised deposit, and settlement on distributed ledger technology networks.
A broad range of asset classes can participate in the trial, such as shares, debentures, certificates of receivables, investment fund quotas, and other collective investment contracts.
The primary purpose of the pilot operations is to assess the technical, operational, and legal viability of distributed ledger technology in financial markets. The tests will also evaluate cross-network interoperability and assist regulators in identifying operational risks, vulnerabilities, and potential regulatory gaps.
To avoid restricting innovation, the working group consulted external market participants during the drafting stage. According to Bruno Gomes, Superintendent of Securitisation and Agribusiness at the authority, listening to auxiliary market members ensured the proposal did not limit testing to specific technological solutions.
Governance, duration, and reporting structure
The working group was formally established by Ordinance CVM/PTE/Nº 177 on 17 July 2026, comprising technical staff drawn from 14 superintendencies. Delivery of the draft resolution fulfills the initial mandate to submit an experimental framework within 60 days.
Under the proposal, representative associations of accredited market entities and self-regulatory organisations participating in the working group may act as network managers for the test environments.
A Management Committee composed of internal commission staff will coordinate the programme. Operations will run for 60 days, with the possibility of an extension for up to 30 days. The authority will directly oversee testing through real-time read access to selected voluntary networks.
At the conclusion of the test period, participating entities must submit final reports to the Management Committee. The committee will consolidate these findings into an evaluation document for the commission's board, including recommendations on potential regulatory or legal modifications.
