Property tokens in Brazil.A claim, not the deed.
Brazil is one of the busiest markets for real estate tokens: according to the industry association ABToken, projects worth around R$20 billion in sales value have used tokens. But in Brazil ownership of a property passes only when the title is entered in the Cartório de Registro de Imóveis. A token alone does not do that. Below: what a Brazilian property token usually gives you, what the CVM regulates, why the one state rule for token deeds was suspended, where Drex stands, and what to check before you buy.
Reviewed November 1, 2026 · figures from our live data
The short answer
Property in Brazil is transferred only by registration at the real estate registry (Civil Code, art. 1,245). A token does not replace that registration; in most structures it gives a contractual claim against the issuer, not ownership of the property.
When a token is an investment — a share in the profit of a project or of rents — it is a security, and the CVM rules apply. Most retail offers run as investment crowdfunding under CVM Resolution 88.
Rio Grande do Sul allowed notaries in 2021 to deed swaps of property for tokens (Provimento 38/2021). The state’s judicial inspectorate suspended it; registrars there must refuse titles that tie a property to tokens on a private blockchain.
Drex, the central bank’s digital platform, is not live for the public. Its blockchain test platform was shut down in November 2025; the next phase drops blockchain for now and starts with collateral (lien) reconciliation, with no public date.
Brazilian real estate tokens on record in our data today
issuers
What a Brazilian property token usually is
The word “token” covers very different legal things. What you own is decided by the documents, not by the blockchain.
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A claim against the issuer
Most tokens give the right to receive money — a share of rents, of the sale price, or a fixed return — from the company that issued them. You are a creditor of that company. If it fails, you rank as an unsecured creditor unless the documents give you a guarantee.
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A share in a project company
Some tokens represent quotas or rights in a special-purpose company (SPE) that owns the property or the development. You own part of the company; the company owns the property in the registry.
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Tokenized receivables and CRIs
Some tokens are backed by real estate receivables — instalments buyers pay to a developer, or real estate receivables certificates (CRIs). The return depends on those payers, not on the price of the building.
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Not the deed
Transferring a token on a blockchain does not change the owner in the Cartório de Registro de Imóveis. Only the registry entry is ownership in law. A token that promises otherwise is promising something Brazilian law does not support today.
Who regulates what
There is no specific law on real estate tokenization in Brazil. Several existing rules meet in it.
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CVM — when the token is an investment
The securities regulator looks at economic substance (Orientation Opinion CVM 40/2022): if buyers invest money expecting a return from someone else’s effort, the token is a security. Public offers then need a CVM route — usually investment crowdfunding.
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CVM Resolution 88 — investment crowdfunding
Lets registered platforms raise money for small and medium companies from the public, with caps per issuer and per investor. A replacement was put to public consultation in 2025 (SDM 05/25), proposing a higher cap of R$25 million per company; it is on the CVM’s 2026 agenda and not yet in force.
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CVM DLT pilot programme
A CVM working group delivered a draft pilot programme for tokenized securities on distributed ledgers in September 2026. As of mid-October 2026 it had not been published as a resolution.
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Registries — ownership
Real estate rights are created and transferred in the official registry system. The registries and the courts that oversee them decide what can be registered, not the token platforms.
Rio Grande do Sul: the token deed that was stopped
The one place in Brazil that wrote a rule for property and tokens shows where the limits are.
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2021: Provimento 38
The state judicial inspectorate (CGJ-RS) let notaries draw up deeds exchanging a property for tokens or crypto-assets, under conditions — among them a declaration that the tokens do not themselves represent real rights over the property.
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Suspended
The CGJ-RS later suspended the rule, concluding it risked being read as allowing ownership records outside the official registry system. Registrars in the state must refuse titles that tie a property to tokens on a private blockchain.
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What it means for a buyer
No Brazilian registry treats a token as the property title. If a platform says its token “is” the property, ask which registry entry stands behind it and in whose name.
Where Drex stands
Drex was planned as the central bank’s platform for tokenized money and assets, with property purchases among the test cases. Status as of 1 November 2026.
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Pilot phases 2023–2025
Banks and companies tested tokenized deposits, government bonds and asset deals on a permissioned blockchain run by the Banco Central do Brasil.
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Blockchain platform shut down
The test platform was switched off in November 2025. Central bank president Gabriel Galípolo said the technology tested had not proved viable.
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Next phase: without blockchain
The first delivery is a centralised system to reconcile liens on assets used as credit collateral, for banks and registries — not a public currency. It was planned for the second half of 2026; no launch date has been confirmed. Blockchain and smart contracts were moved to later phases with no timetable.
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What it means for property tokens
Today no property token in Brazil settles on Drex, and there is no Drex wallet for the public. Tokens sold now run on private platforms or public blockchains under the rules above.
Seven checks before you buy a property token in Brazil
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What exactly do I own?
Claim against the issuer, quota in an SPE, or receivables? Read the term sheet, not the marketing page.
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Is the offer under a CVM route?
For investment tokens: is the platform a registered crowdfunding platform, and is the offer listed with the CVM?
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Whose name is in the registry?
Ask for the matrícula of the property and check who the registered owner is — the SPE, the developer, or someone else.
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What guarantee is there?
A lien (alienação fiduciária) or a separate estate (patrimônio de afetação) protects you better than a promise.
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How do I get out?
Is there a secondary market with real prices and volume, or only redemption at the end? Many listed property tokens no longer trade.
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Who pays the return?
Rents, sale of units, or buyers’ instalments — and what happens if they pay late?
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How is it taxed?
The tax depends on what the token legally is (crypto-asset, security, or credit right). See our Brazil tax page and ask an accountant.
Questions
Does a real estate token make me the owner of the property in Brazil?+
No. Ownership passes only when the title is registered at the Cartório de Registro de Imóveis. A token usually gives a contractual claim against the issuer or a share in a company that owns the property.
Is real estate tokenization legal in Brazil?+
Yes, but there is no specific law. Tokens that are investments fall under the CVM, and offers to the public usually use investment crowdfunding (CVM Resolution 88). Ownership itself stays in the official registries.
What happened to Drex?+
The central bank shut down its blockchain test platform in November 2025 and said the technology had not proved viable. The next phase starts without blockchain, with lien reconciliation for banks; there is no public Drex wallet and no confirmed launch date (status 1 November 2026).
Can I buy a property with Drex?+
Not today. Property purchases were a test case in the pilot, but Drex is not available to the public and its blockchain phase has no timetable.
Why did Rio Grande do Sul suspend its token rule?+
The state’s judicial inspectorate concluded that Provimento 38/2021 could be read as allowing property records outside the official registry system. Registrars there must refuse titles that tie a property to tokens on a private blockchain.
- Tokenized market in Brazil →
- Crypto and token taxes in Brazil →
- Tokenized real estate explained →
- Tokenized deposits explained →
- Cointelegraph Brasil — real estate tokenization in Brazil (ABToken figures)
- Migalhas — tokenização imobiliária e o registro imobiliário
- Capital Aberto — CVM consultation to replace Resolution 88
- Amadeu e Santos — CVM DLT pilot draft (2026)
- IRIB — CGJ-RS rule on property swaps for tokens (2021)
- Registro de Imóveis do Brasil — TJRS suspends token rule
- Metrópoles — central bank shuts down Drex platform
- Exame — what happens to Drex in 2026
- Convergência Digital — Drex swaps blockchain for liens
This guide explains how these products work and is not investment advice or an offer of any security. Who may buy a product is set by its issuer; check the offering documents before investing.