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

Source: PortaldoBitcoin Original Title: CVM extends deadline for public consultation reviewing tokenization rules Original Link: The Brazilian Securities and Exchange Commission (CVM) has extended the deadline for the public consultation on the reform of CVM Resolution 88 related to tokenization rules. Interested parties now 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 regulator’s 2025 Regulatory Agenda.

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

CVM proposed changes to Resolution 88 to modernize crowdfunding rules and adapt them to the tokenization market. Key modifications include increasing the fundraising cap from R$ 15 million to R$ 25 million and opening the process to all corporate entities, regardless of revenue.

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

According to the interim head of the regulator, Otto Lobo, the proposal reinforces CVM’s commitment to advancing the tokenization agenda and modernizing the capital market. The new rules will also include securitization companies, rural producers, and agricultural cooperatives, with specific caps: R$ 25 million for corporate entities 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, rural producers who are individuals, and agricultural cooperatives, as well as removal of revenue limits for unregistered corporate entities.

• New fundraising limits: cap of R$ 25 million for corporate entities 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 per-platform limit and inclusion of reinvestment of received amounts within the same calendar year without counting toward the annual limit.

• Adjustments to offering procedures: modifications to lock-up rules, setting minimum and maximum fundraising values, and relaxing the additional lot in certain offerings.

• Distribution by account and order: potential integration between crowdfunding platforms and traditional securities distribution institutions.

• Advancements in subsequent transaction environments: possibility for issuers to repurchase securities and revision of the “active investor” concept.

• Enhanced transparency: creation of specific informational annexes for each issuer type, along with the requirement for platform performance indicators.

• Diversification of retail investments: strengthening of the participatory investment syndicate, with the possibility of pre-committing resources to lead-investor-led theses, registered as managers.

• Transition period: establishment of transitional rules, especially for existing securitization companies, which will have a deadline to request registration with CVM without interrupting ongoing offerings.