Rayls

Last week, CVM’s Tokenization Working Group received 11 proposals for its DLT Pilot Program. More than three times what the regulator expected. That number says a lot about where Brazil’s capital market is heading. The question is no longer whether securities will live on DLT. It’s how to do it in a way that regulators, banks and investors can trust. @RaylsLabs is proud to be part of the working group, contributing our institutional blockchain infrastructure to a pilot built to test and learn together with the other participating companies. Thank you to CVM for the initiative and for the openness to dialogue with the market, and to ABToken for bringing the participating companies together. At Parfin, we have spent four years on exactly this question, from the Drex pilots to production deployments with institutions like Nuclea. The main lesson: the technology was never the hard part. The hard part is the whole life of the asset, from issuance to settlement, with compliance, privacy and controls designed in from day one rather than patched on later. Tomorrow I’ll be at RWA tour event, where around 150 professionals from banks, asset managers, securitisation firms, fintechs and tokenisation companies are coming together to discuss where tokenisation in Brazil goes next. I’ll join a panel on what the technical proposal for Brazil’s new capital market looks like in practice. The three points I plan to push: - Settlement is the real test. Tokenising the asset is the easy half. The cash leg is where certainty is won or lost. - Public and permissioned networks will coexist. The infrastructure has to operate across both without breaking compliance. - Privacy and compliance have to be part of the architecture, not an afterthought.