Brazil's CVM, the country's securities regulator, anticipates the asset tokenization market will surpass $740 million by 2025. This growth is driven by crowdfunding regulations that permit issuers to raise up to $2.78 million in tokens over 180 days, acting as a regulatory sandbox. Bruno Gomes, CVM's securitization superintendent, reported that more than half of this amount was issued in the first half of 2025. The CVM is considering regulatory changes, including increasing fundraising caps to $4.6 million and removing revenue limits, which could propel the market to $1.8 billion. The model is also under review for potential adoption in other markets, such as the U.S.