Itaú Becomes First Bank to Register Crypto Trading, Custody in Brazil

Itaú Unibanco is first through the door. The Brazilian banking giant has formally registered crypto trading and custody operations with the country's central bank, according to CoinDesk — making it the first bank to do so.

The timing is no accident. The registration landed two days ahead of an Oct. 30 deadline, meaning Brazil's banks had a window to formally declare their crypto activities to the monetary authority, and Itaú moved before it closed.

That deadline is the part that matters for the rest of the industry. By registering, Itaú puts crypto trading and custody on the central bank's books rather than off to the side — a formal step that other institutions have not yet taken, per CoinDesk.

Itaú is one of Latin America's largest banks, so its move carries weight well beyond São Paulo. A heavyweight walking its crypto business into the regulator's registry is a signal of where Brazil's institutional crypto lane is heading.

Now the clock runs out for everyone else. With the Oct. 30 cutoff still looming, the question hanging over Brazil's banks is whether they'll follow Itaú's lead or let the deadline pass.