Brazil's relevant measures mainly come from enterprises and local governments, rather than from the sovereign level.
B3's launch of spot ETFs and futures contracts reduced to 0.01 Bitcoin allows financial executives to acquire, allocate, and hedge exposure using familiar tools.
The new Virtual Asset Service Provider (VASP) standards (covering licensing, anti-money laundering/anti-terrorist financing, governance, and security), effective from February 2026, will reduce operational uncertainty.
Key steps: Establish rules → Launch standardized access products → Increase hedging tools → Strengthen information disclosure.
It should be noted that Brazil's Ministry of Finance and Central Bank have not included Bitcoin in the national sovereign reserves, nor is there any legal requirement for government agencies or state-owned enterprises to hold Bitcoin.
In fact, it is currently driven by local municipal projects, listed companies, and new market infrastructure:
In 2022, the Mayor of Rio de Janeiro proposed allocating 1% of the city's reserves to crypto assets, which sparked interest and discussion among local finance departments.
On the corporate side, Méliuz shifted to a Bitcoin treasury strategy in 2025, obtaining shareholder approval to expand the plan and raised approximately 180 million Brazilian Reais (about 32.4 million USD) for Bitcoin purchases.
Public market exposure is also growing. In October 2025, OranjeBTC was listed on B3, holding thousands of Bitcoins on its balance sheet.
The Central Bank has strengthened its regulation of Virtual Asset Service Providers (VASP), covering anti-money laundering (AML), counter-terrorist financing (CFT), governance, and consumer protection, which will be enforced starting February 2026.
The following will analyze the "current situation," "reasons," and related risks in detail.
Did you know? B3 (the abbreviation for Brazil, Securities, and Counter) is Brazil's main stock exchange, established in 2017 through the merger of the São Paulo Stock, Futures, and Commodities Exchange. It is one of the largest market infrastructures globally and the first exchange in Latin America to list a spot Bitcoin exchange-traded fund (ETF).
In recent years, Brazil has been building compliant and familiar channels to access Bitcoin.
In 2021, B3 launched the first spot Bitcoin ETF in Latin America (QBTC11 under QR Asset), providing institutional investors with an investment tool that does not require self-custody and is easy to audit. Subsequently, derivative products were introduced.
In mid-2025, to broaden participation and enhance hedging efficiency, B3 reduced the size of Bitcoin futures contracts from 0.1 to 0.01 Bitcoin. This change was officially implemented on June 16, 2025, through announcements and notices.
Product innovation continues to advance. Asset management institutions are issuing hybrid funds on B3, combining Bitcoin with gold, indicating a high level of acceptance from regulators and exchanges for crypto-related products entering the public market.
As products develop, the corresponding regulatory framework is also becoming more refined. In November 2025, the Central Bank released new standards for VASP, including licensing management, AML/CFT, governance, security, and consumer protection, which will be enforced starting February 2026.
For financial executives, this significantly reduces operational uncertainty when relying on ETFs, futures, and regulated intermediaries.
Financial teams are trying to smooth returns and protect purchasing power in a market where the Brazilian Real may fluctuate dramatically due to policy decisions and external shocks.
Holding small Bitcoin allocations through auditing tools adds a liquid, non-sovereign hedge alongside the dollar and local notes, without the need for new custody operations.
This is also about using familiar channels. Spot ETFs and listed futures on B3 allow financial executives to scale, rebalance, and hedge within the same governance and auditing procedures they use for other assets. The smaller 0.01-BTC futures contracts make hedging more precise and cheaper in financial terms.
Now there is a governance blueprint. Méliuz demonstrates the order the board wants to see: shareholder approval → clear disclosure → execution → additional capital to expand positions. This reduces the career risk for other CFOs considering pilot allocations.
For those who cannot hold cryptocurrencies directly, access is crucial. OranjeBTC's listing on B3 provides equity exposure to BTC positions on large balance sheets, allowing institutions to participate through listed tools while remaining within authorized limits.
Finally, the regulatory arc reduces operational uncertainty. With the Central Bank's VASP standards covering licensing, AML/CFT, governance, and security set to take effect in February 2026, financial executives can rely on licensed intermediaries and verifiable controls rather than customized crypto infrastructure.
Did you know? A spot Bitcoin ETF is a fund that holds actual Bitcoin, allowing you to buy shares of that Bitcoin on the stock exchange like other ETFs. It provides you with price exposure, daily liquidity, and audited custody without the need to manage your own wallet or keys, which is why financial executives and institutions typically prefer it over holding coins directly.
Brazil understands the risks and is tightening the rulebook.
Market volatility: Bitcoin can be highly volatile, so financial executives who choose to participate often limit position sizes, set rebalancing rules, and use listed hedging tools. B3's smaller 0.01-BTC futures contracts, effective June 16, 2025, make it easier to hedge profits and losses as well as liquidity shocks more precisely.
Operational and counterparty risks: Self-custody, exchange risks, and vendor security are not trivial matters. The Central Bank's new VASP standards push crypto intermediaries closer to traditional financial norms.
Legal and enforcement clarity: Prosecutors and regulators need predictable tools when cryptocurrency intersects with criminal cases. A new bill will allow financial institutions to clear seized cryptocurrencies, aligning their handling with foreign exchange and securities processes and reducing gray areas in enforcement.
Public image and disclosure: "Bitcoin treasury" remains politically sensitive. The listing path brings companies into audited verification reports and ongoing disclosures involving risk exposure, custody, and risks. This transparency helps boards and regulators feel comfortable as the market matures.
Remember, Brazil is setting the rules. The Central Bank has established clear standards for when to treat crypto-fiat conversions as foreign exchange and has raised the standards for VASP in AML/CFT, governance, security, and consumer protection.
Launch simple access products early. QBTC11 and its peers launched in 2021, providing institutions with a familiar, audited tool instead of forcing them to build custody from scratch. With the ETF path, financial executives can determine risk exposure within existing authorized limits.
Add hedging tools for risk managers. In June 2025, B3 reduced the size of Bitcoin futures contracts to 0.01 BTC. Smaller contracts make hedging cheaper and tighter, allowing boards to approve them and enabling financial teams to manage risk value (VaR) and drawdown more precisely.
Encourage disclosure norms through public tools. Listed "Bitcoin treasury" companies like Méliuz and OranjeBTC create reference points for auditing, board processes, impairment policies, and reporting rhythms. These become templates that other companies can replicate.
Pilot below the federal level. City or institutional pilots can reveal political and accounting issues early. Rio's 1% signal in 2022 showed how optics can quickly become a story and why authorization and risk limits must be clear.
The overall sequence is very clear: first establish a regulatory framework, then introduce standardized access products, lower derivative thresholds to support effective hedging, and allow disclosure norms to naturally form in the public market—only then does the discussion of "incorporating BTC into the treasury" truly become meaningful.
Related: The U.S. Securities and Exchange Commission (SEC) did not specifically mention cryptocurrencies in its 2026 review focus.
Original text: “Why Brazil is using Bitcoin (BTC) as a treasury asset, and what other nations can learn”
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