Brazil’s Securities and Exchange Commission, known as the CVM, is advancing a distributed ledger technology pilot to examine tokenized securities across the capital-markets lifecycle. The proposed 60-day program would use simulated transactions, without actual securities or investors, to test issuance, public offerings, distribution, trading, ledger management, custody, central depository functions and settlement. Potential assets include stocks, corporate bonds, securitized receivables and fund units, with other investment products potentially added. The CVM plans to connect directly to participating test networks and monitor transaction records in real time. The draft resolution, submitted to the CVM board on September 18 by its tokenization working group, remains subject to approval and may be extended by up to 30 days for technical issues or additional verification. Results will be used to refine related regulations.