**[Brazilian Banks Expand Crypto Services, Regulatory Framework Takes Shape]** According to a report by Golden Finance on September 8, Brazilian banks are expanding their crypto asset services for customers. As reported by *Folha de S.Paulo*, Brazil's largest asset management bank, Itaú, now offers 15 types of crypto assets—including Bitcoin, Ethereum, and the USD stablecoin USDC—through its investment app. Brazil's largest fintech company, Nubank, has listed 28 types of crypto assets, while Banco do Brasil, the country's most profitable state-owned bank, has seen transaction volumes exceed 11 million Brazilian reais (approximately $2.1 million) since launching direct Bitcoin and Ethereum purchase services in January this year. However, customers' crypto transactions are not reflected on the banks' balance sheets. A document from the Central Bank dated March 2026 shows that Brazilian banks hold zero virtual assets on their books. Over the past year, Itaú, Bradesco, Santander, Banco do Brasil, and Nubank have all expanded their crypto product lines, while the Brazilian crypto market has simultaneously reached record levels. According to data from Brazil's Federal Revenue Service (*Receita Federal*), Brazilians transferred 505.5 billion reais (approximately $98.7 billion) via cryptocurrencies in 2025, more than five times the amount in 2020, with corporate transactions accounting for 98.3% of the total. This move by banks coincides with the implementation of regulatory measures. Brazil passed the *Virtual Asset Legal Framework* in 2022, granting regulatory authority over the industry to the Central Bank. Three resolutions issued in November 2025 require any institution that allows customers to trade, hold, or transfer cryptocurrencies to obtain a license, meet minimum capital requirements, and segregate customer accounts. The compliance deadline is October 30, 2026.