Brazil is set to transform its cryptocurrency ecosystem, and XRP plays a direct role in the changes ahead.
Crypto commentator Levi Rietveld recently covered these Latin American developments, presenting a scenario that holds considerable importance for XRP investors.
Brazil Cuts Off Unlicensed Platforms
Resolution BCB 589 establishes an operational cut-off date of November 6, 2026, mandated by Brazil’s central bank. After this date, payment institutions and banks are required to terminate relationships with unauthorized virtual-asset providers.
While roughly 300 institutions currently operate in Brazil, expectations suggest only 20 to 25 will achieve licensing. Unlicensed exchanges face expulsion, forcing their customer bases to seek alternative options.
During his video, Rietveld noted: “by wiping out shady exchanges, the government is funneling tens of millions of everyday people straight into their main bank app to buy and hold XRP.”
$XRP JUST GOT A HUGE BRAZIL BOOST!! pic.twitter.com/8BRnPZQZQuq
— Levi | Crypto Crusaders (@LeviCryptoGuy) October 28, 2026
Itaú Registers First and Picks XRP
Itaú Unibanco, the premier private bank in Brazil, became the initial institution to officially register its crypto trading and custody services with the central bank. The bank submitted its regulatory notice ahead of the October 30 deadline established by the new digital asset framework.
This registration carries implications that extend beyond timing. Bitcoin and Ethereum have been part of the bank’s portfolio since 2023, and April 2025 brought the addition of further assets, including XRP, USDC, and Solana.
Serving 70 million customers with XRP already accessible via its application, Itaú stands ready as the primary access point for a large influx of transitioning retail participants. Rietveld emphasized the magnitude of this evolution: “First, the biggest US exchanges and now Latin America’s number one bank is locking in on XRP.”
Institutional Adoption Runs Deeper
Itaú’s progression is accompanied by additional institutional movement. CSD BR, a Brazilian central securities depository overseeing more than 22 trillion reais (roughly $4.2 trillion) in registered assets, announced plans to keeping a copy of fund ownership records on the public XRP Ledger.
This integration embedded XRP infrastructure directly into the regulated capital markets of Brazil ahead of the approaching regulatory deadline.
The Convergence Behind XRP’s Position
The CSD BR integration, Itaú’s early registration, and the regulatory deadline all align concurrently. The Brazilian government is actively centralizing cryptocurrency operations within its authorized banking framework.
As unregistered platforms depart and users transition toward compliant choices, the bank’s existing XRP support places the cryptocurrency in a position to absorb a significant share of that redirected demand. Rietveld concluded his broadcast by posing a question to his viewers: “How high do you think XRP goes now that major global banks are turning on the buy button?”