Brazil’s securities regulator (CVM) is advancing a distributed ledger technology pilot program for tokenized securities through its Tokenization Working Group. The initiative involves simulated transactions only, with no real securities or investors participating in the test environment. The 60-day trial, which may be extended by an additional 30 days, covers most of the securities lifecycle from issuance to settlement. The scope includes stocks, bonds, receivables certificates, and investment fund shares, though the draft plan still awaits final board approval before implementation.