Tokenização de ativos: avaliação do cenário atual e potencial de expansão no mercado de capitais

Abstract

The present work aims to explore the recent technology of asset tokenization through blockchain, already utilized in capital markets across various countries. The research will address both the current regulatory and usage landscape, presenting market practices, as well as future implications and opportunities for development in the capital markets. Initially, a detailed analysis of the state of asset tokenization in Brazil will be provided, exploring its strictly legal nature. In this context, concepts regarding the functioning of blockchain technology, which provides the necessary infrastructure for the implementation of such digital assets, will be introduced, linking it to its potential for capital market development through the use of asset tokenization. Subsequently, an analysis of the current regulation of tokenized asset offerings in the capital markets will be conducted, particularly examining the views of the Securities and Exchange Commission of Brazil (CVM). The applicability of tokenization in capital market operations will also be explored, highlighting successful cases that demonstrate its transformative potential in different sectors of the economy. The study further seeks to identify emerging trends, legal structuring and management challenges, as well as opportunities that could shape the evolution of this market. Special attention is given to the predicted impact of tokenization on the democratization of capital raising via capital markets, suggesting a promising yet cautious outlook, as the intersection between technological innovation and regulation continues to evolve. This study aims to provide not only an in-depth understanding of the current situation and future perspectives but also a guiding vision for market participants navigating this innovative, complex, and opportunity-rich unexplored field