CVM extends the deadline for the public consultation on tokenization

The Securities and Exchange Commission (CVM) decided to extend the public consultation period regarding the review of Resolution CVM 88, which addresses the tokenization norms. The deadline, which was initially set to end on December 23, has been extended to January 23, 2026, allowing more interested parties to submit their suggestions. This initiative is part of the Regulatory Agenda 2025 of the agency.

In a statement, CVM highlighted that the changes aim to update and expand the investment crowdfunding model, keeping up with the advancement of securitization operations and promoting the gradual entry of agribusiness into the capital market.

Among the key points of the proposal are:

- Increase of the fundraising limit from R$ 15 million to R$ 25 million.

- Opening offers to all business entities, with no revenue restrictions.

- Explicit inclusion of the crypto industry, with an invitation to the market to comment on the use of blockchain and other distributed ledger mechanisms, in addition to new technological risks.

The interim president of CVM, Otto Lobo, emphasized that the initiative reinforces the agency's commitment to advancing the tokenization agenda and modernizing the capital market. The changes also encompass securitizers, rural producers, and agricultural cooperatives, with specific limits:

- R$ 25 million for business entities and cooperatives;

- R$ 50 million for securitizers;

- R$ 2.5 million per harvest for rural producers.

Main proposed changes in Resolution CVM 88

- More issuers and eligible instruments: inclusion of registered securitizers, individual rural producers, and agricultural cooperatives; removal of the revenue limit for unregistered business entities.

- New fundraising ceilings: R$ 25 million for business entities and cooperatives; R$ 50 million for securitizers; R$ 2.5 million per harvest for rural producers.

- Investment rules: transformation of the global limit into a limit per platform; possibility to reinvest amounts received in the same year without affecting the annual limit.

- Offer procedures: adjustments in lock-up, definition of minimum and maximum amounts, and flexibility of the additional lot.

- Integrated distribution: permission for crowdfunding platforms to act together with traditional capital market institutions.

- Subsequent transactions: authorization for the repurchase of securities by issuers and revision of the concept of 'active investor'.

- Enhanced transparency: creation of specific informational annexes by type of issuer and requirement for performance indicators of the platforms.

- Retail diversification: strengthening the participatory investment syndicate, with the possibility of prior investment in projects led by investors registered as managers.

- Transition period: temporary rules for securitizers already in operation, ensuring a deadline for registration without interruption of offers.