Itaú Unibanco has let its customers buy and sell bitcoin since December 2023. On Tuesday, 27 October 2026, it finally put that business on the regulator’s books. Brazil’s largest private bank sent the central bank (BCB) a formal notification covering crypto intermediation and custody, Valor Econômico reported, making it the first bank to do so under the new rules, according to CoinDesk.
The headline is “bank complies with rule”. The more useful story is the clock behind it, and what it says about how far apart Brazil and India now are.
A notification, not a licence
Brazil split its crypto regime in two. Dedicated crypto firms (SPSAVs, in Portuguese shorthand) must apply for an operating authorisation. Institutions the BCB already supervises, such as commercial and investment banks, Caixa, and securities brokers, can run crypto intermediation and custody without forming a separate crypto company. They only have to notify the regulator, as WB3News lays out.
That notification is not a form letter. Firms that were already active must attach the result of a technical certification by a qualified independent company. A bank that misses the deadline may keep providing the service for up to 30 days, and then it has to stop.
Itaú currently lists 15 crypto assets, including bitcoin, ether and the dollar stablecoin USDC, and holds the coins itself. It has not disclosed how many customers use the service or how much they trade.
The 270-day clock, in one table
Resolution BCB 520 took effect on 2 February 2026. We counted the days: 26 left in February, then 31, 30, 31, 30, 31, 31, 30 and 30 brings you to 270 on 30 October, the deadline every source cites.
| Date | What happens | Source |
|---|---|---|
| Dec 2023 | Itaú starts selling crypto to customers | Valor |
| 2 Feb 2026 | Resolutions BCB 519, 520 and 521 take effect | WB3News |
| 27 Oct 2026 | Itaú files its notification (day 267) | CoinDesk |
| 30 Oct 2026 | Deadline for banks to notify and for crypto firms to apply; foreign firms must move Brazilian clients to a local provider | Carta Circular |
| 3 Nov 2026 | Forex-licensed firms start reporting crypto foreign-exchange operations to the BCB | Carta Circular |
| 6 Nov 2026 | Banks and payment firms barred from dealing with unauthorised crypto providers (pushed back from 30 Oct by Resolution BCB 589) | Carta Circular |
The last row matters most. From 6 November, the banking system itself becomes the enforcement tool. An offshore exchange that has not got permission loses its local payment rails, because a Brazilian bank or payment institution may no longer act as its counterparty. Lawyers quoted by Exame say a crypto firm that misses the filing must wind down and return client balances.
Itaú filing three days early tells you something too: even for the country’s biggest private lender, which already had more than two years of live crypto operations, getting the independent certification done took almost the whole window.
What it means for Indian investors
India has nothing like this list. There is no crypto licence. Since March 2023, exchanges serving Indians have had to register with the Financial Intelligence Unit (FIU-IND) as reporting entities under the anti-money-laundering law. That covers know-your-customer checks and suspicious-transaction reports, not capital, custody or conduct rules of the kind Brazil now certifies.
So the practical checks for an Indian buyer stay the same: use an FIU-IND-registered exchange, and budget for tax. Gains are taxed at a flat 30% plus 4% cess, losses cannot be set off against other income, and 1% TDS applies on transfers above the threshold. With bitcoin around $80,800 on 28 October (live price, ₹ price), our crypto tools show what that tax does to a real trade.
BtcMedia verdict
Brazil chose to bring crypto inside its banks and then use those banks to shut out anyone left outside. India has kept banks at arm’s length and regulates crypto mainly through tax and money-laundering rules. Brazil’s 6 November cut-off is worth watching: it will show whether a payment-rail ban actually pushes offshore exchanges to get licensed.
FAQ
Did Itaú get a crypto licence? No. As a bank the BCB already authorises, it only had to notify the regulator, with an independent technical certification. Dedicated crypto firms must apply for authorisation.
What happens on 6 November in Brazil? Banks, payment institutions and other BCB-authorised firms may no longer carry out or enable crypto operations with providers that are not authorised to operate in the country.
Can Indian banks sell bitcoin like Itaú? India has no framework that licenses banks or anyone else to offer crypto. Exchanges only register with FIU-IND for anti-money-laundering purposes.
How we calculated this: day counts from 2 February 2026 to the 30 October deadline, using dates in Resolution BCB 520 as reported by Valor, WB3News and Carta Circular; bitcoin price from BtcMedia’s 28 October price post. Checked 28 October 2026, 4:50 PM IST.
This article is for information only and is not financial advice.