According to CoinMeta, as reported by Ledger Insights, the Brazilian Securities Exchange Commission (CVM) is advancing a pilot program for the tokenization of securities based on distributed ledger technology. The draft resolution is still awaiting approval from the commission, and the tests will use simulated transactions that do not involve real securities or investors. The test plan will last for 60 days and can be extended by another 30 days. It covers the main stages from issuance to settlement of stocks, corporate bonds, accounts receivable vouchers, and investment fund shares. The aim is to assess the technical, operational, and legal feasibility of this technology in the capital market, as well as to explore cross-network interoperability and identify regulatory gaps. The results of these tests may provide references for subsequent rule-making and legislative adjustments.