CVM extends the deadline for the public consultation that reviews tokenization rules

2025-12-11 01:43:34

Source: PortaldoBitcoin Original Title: CVM extends deadline for public consultation reviewing tokenization rules Original Link: The Brazilian Securities and Exchange Commission [image]CVM( has extended the deadline for the public consultation on the reform of CVM Resolution 88 related to tokenization rules. Now, those interested in commenting on the draft have until January 23, 2026, to submit their contributions; the previous deadline was until the 23rd of this month. The consultation is part of the Authority’s 2025 Regulatory Agenda.

“The changes aim to modernize and make the investment crowdfunding regime more comprehensive, considering the recent market evolution, with the growth of securitization operations, and aiming for the gradual integration of agribusiness into the capital markets,” highlighted CVM.

CVM proposed changes to Resolution 88 to modernize crowdfunding rules and adapt them to the tokenization market. Among the main changes are increasing the fundraising cap from R$ 15 million to R$ 25 million and opening the process to all business corporations, without revenue limits.

The new text explicitly addresses the crypto industry and invites the market to submit suggestions regarding the use of distributed ledger technologies, such as blockchain, and about new technological risk factors.

According to the interim head of the authority, Otto Lobo, the proposal reinforces CVM’s commitment to advancing the tokenization agenda and modernizing the capital market. The new rules also include securitization companies, rural producers, and agricultural cooperatives, with specific caps: R$ 25 million for business corporations and cooperatives, R$ 50 million for securitization companies, and R$ 2.5 million per harvest for rural producers.

Main proposed changes in CVM Resolution 88

Expansion of eligible issuers and instruments: inclusion of securitization companies registered with CVM, natural persons rural producers, and agricultural cooperatives, along with the removal of revenue limits for unregistered business corporations.
New fundraising limits: ceiling of R$ 25 million for business corporations and agricultural cooperatives, R$ 50 million for securitization companies, and R$ 2.5 million per harvest for rural producers.
Investor investment limits and capital reallocation: conversion of the overall investment limit into a platform-specific limit and the addition of the possibility to reinvest received amounts within the same calendar year without counting towards the annual limit.
Adjustments in offering procedures: modifications to lock-up rules, setting minimum and maximum fundraising values, and easing the additional lot rules in certain offerings.
Distribution by account and order: possibility of integration between crowdfunding platforms and traditional securities distribution institutions.
Advancements in secondary transaction environments: possibility for issuers to repurchase securities and revision of the “active investor” concept.
Enhanced transparency: creation of specific informational annexes for each type of issuer, along with the requirement for platform performance indicators.
Diversification of retail investments: strengthening of the participatory investment union, with the possibility of prior commitment of resources in led-led investment theses, registered as managers.
Transition period: establishment of transitional rules, especially for already operating securitization companies, which will have a deadline to request registration with CVM without interrupting active offerings.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.