[Brazilian Securities Regulator Plans to Conduct Tokenized Securities Simulation Testing] According to Ledger Insights, the Brazilian Securities Regulator (CVM) is advancing a pilot program using Distributed Ledger Technology (DLT) for tokenized securities. The program involves only simulated transactions and does not include real securities or investors. Coordinated by the CVM Tokenization Working Group (GTT), the testing will last for 60 days, with a possible extension of 30 days. The draft is still pending approval by the board of directors. The scope covers most of the securities lifecycle, from issuance to settlement, including stocks, bonds, receivables certificates, and investment fund shares.