According to CoinMeta, the Brazilian Securities Commission (CVM) issued Resolution No. 249 to launch a tokenized securities experiment project, testing the simulation of stock trading as well as the issuance, operation, and management of securities on a blockchain network. This project uses simulated assets in a controlled environment, involving no real financial risks, and aims to compare the advantages and disadvantages of public and private chains in securities operations. It also assesses risks related to network security, smart contracts, interoperability, and network resilience. Blockchain networks participating in the pilot must incorporate market rules into their smart contracts, ensure that securities transactions remain private, and be subject to audits by regulatory authorities. CVM is currently building a tokenization platform, with plans to launch it in 2027 and adopt its own developed stablecoin. Initially, round-the-clock trading will not be provided, but the platform will integrate digital assets with the liquidity pools of traditional markets.