Blockchain.RIO, Davos of Web3 in Brazil
In August, COSRO participated in Blockchain.Rio, the largest blockchain and Web3 event in Latin America. What we saw was a mature and rapidly expanding sector in the Brazilian market. Brazil ranks among the most advanced countries in the application of blockchain. The technology has already expanded beyond the financial and payments sectors and is solving concrete problems in energy, agribusiness, urban mobility, intellectual property, and corporate infrastructure. In this article, we analyze the trends and opportunities that stood out most in the discussions, ranging from convergence with artificial intelligence to agribusiness, energy, and the financial sector.
Blockchain and AI
The convergence of blockchain and artificial intelligence was likely the dominant theme of the panel discussions. Despite the enormous potential for synergy, today’s two most disruptive technologies are still taking their first steps in operating together.
One of the most promising fields is agent-based commerce, in which AI agents execute transactions autonomously. In this context, the auditability of blockchain becomes a powerful tool for tracing the decision-making chain and assigning accountability. Concrete applications are already taking shape for the coming years. Among them are the automated verification of vehicle documentation by AI with blockchain registration, the guarantee of payments between parties who do not know each other, and on-chain protection of intellectual property rights over data and code generated by AI.
The main obstacle to this convergence lies in the clash between the probabilistic and fallible nature of AI and the principle of immutability that governs smart contracts. AI is prone to errors and hallucinations. Blockchain, on the other hand, has as one of its greatest strengths the difficulty of alteration, which ensures transparency and security in transactions. Therefore, an error made by an AI agent in a transaction recorded on the blockchain can have consequences that are difficult to remedy. There is also the risk that AI could be used to attack blockchain protocols and other cybersecurity infrastructures. Investing in privacy and security from the outset is therefore essential, as is adopting even more robust safeguards when the two technologies intersect. These challenges are amplified with agent-based AI.
Legal liability for the actions of AI agents in smart contracts is a particularly sensitive issue. With Bill 2,338/2023 (the AI Legal Framework) stalled in the Chamber of Deputies, Brazil must rely on existing civil liability laws. Many argue that AI, or those who program and operate it, can be subject to existing liability regimes. If this view prevails, the trend will be to incorporate presumptions of causation and criteria for joint and several liability for the entire chain of technological agents into the Civil Code and the Consumer Protection Code.
In this environment of regulatory uncertainty, companies that build on-chain solutions with security by design will have a head start, with lower risk exposure and lower adaptation costs in the medium term.
Blockchain in Agriculture
During the panel dedicated to agribusiness, representatives from Adecoagro and Agrotoken presented significant figures regarding the tokenization of agricultural assets. Agrotoken is a startup backed by Adecoagro, which in turn was acquired by Tether, the stablecoin giant. The company has already processed over $70 million in tokenization deals, involving more than 1,000 farmers and 230,000 metric tons of grain, through commodity-backed stablecoins (SOYA, CORA, and WHEA). In a country where 77% of rural farms are family-run, tokenization can democratize access to financing and reduce the bureaucracy surrounding rural credit. Solutions like this generate value for the entire production chain, which is currently one of the sector’s most sensitive issues.
The project’s goal is to track and guarantee the origin of agricultural products, with greater authenticity and trust. Reaching such a large number of producers, however, is hindered by limited connectivity in rural areas. If this obstacle is overcome, the project will open up new sources of capital for farmers, certifications for environmental due diligence, such as those required by the EUDR, and financing via RWA (Real World Assets), with measurable and tradable assets.
Energy Transition and Blockchain as a Trust Infrastructure
The panel on the energy sector brought together representatives from the Electric Energy Trading Chamber (CCEE), ANEEL, and Itaipu Binacional.
The discussion highlighted a sector that is well advanced, in which blockchain has already moved beyond the testing phase and operates as infrastructure. The central question is no longer whether the technology will be adopted, but rather where and how. The CCEE, for example, has been operating a blockchain-based renewable energy certification platform for about two years, which ensures that each I-REC certificate is unique and traceable back to its source. Itaipu Binacional announced at COP30 its entry into the I-REC market, with a projection of 90 million certificates by 2026. This volume could make Brazil the world’s largest issuer of renewable energy certificates.
The tokenization of power purchase agreements (PPAs) and futures contracts is another strategic avenue for financing infrastructure projects, as it creates liquid and verifiable collateral. This is a global trend, and more than $5 billion in energy tokens are already in circulation worldwide. With the growing volume of transactions and the integration of multiple sources (hydroelectric, wind, solar, and biomass), it is expected that, over the next five years, the sector’s business models will be required to operate using smart contracts, algorithmic agents, and tokenized kilowatts.
In this context, data governance will be crucial for organizing an increasingly complex flow of structured and unstructured information. In a market characterized by high volumes of personal data, strict compliance with the LGPD (Brazilian General Data Protection Law) when processing consumer data prevents fines and reputational damage. This is even more critical given the substantial increase in the autonomy and resources of the National Data Protection Authority (ANPD).
At the sectoral level, ANEEL is also already active in regulating new technologies. Earlier this year, Normative Resolution No. 1,150/2026 took effect, recognizing the use of blockchain and other emerging technologies in the national electricity sector.
Financial Sector, Capital Markets, Stablecoins, and System Integrity
The financial and regulatory sectors were central to the entire Blockchain.Rio 2026 agenda. The volume and depth of the discussions show that the regulation of digital assets in Brazil has entered a phase of accelerated implementation, with a direct impact on financial institutions, exchanges, fintech companies, and investors.
During one of the main panel discussions, ANBIMA presented its pilot project for tokenization on a private DLT network. The project involves 20 use cases that test the full lifecycle of natively digital debentures and investment funds. At the same time, the organization is making progress on self-regulation of virtual asset custody, complementing the Central Bank’s regulatory framework. The Brazilian regulatory framework has also evolved significantly. Law 14.478/2022, supplemented by Central Bank Resolutions 519, 520, and 521 (in effect since February 2026), establishes requirements for governance, anti-money laundering (AML)/counter-terrorism financing (CTF), asset segregation, and the travel rule for virtual asset service providers.
This regulatory progress coexists with growing risks to the system’s integrity. During the panel on financial crimes, the traceability inherent in blockchain emerged as a paradox. It poses a challenge to privacy and, at the same time, serves as a powerful tool for combating financial crime. The panelists highlighted that organized crime has been advancing in the digital asset ecosystem faster than the government’s ability to respond, even though efforts to prevent money laundering are already underway. When data is anonymized on the blockchain, due diligence to identify counterparties is compromised. On-chain monitoring platforms, such as Chainalysis and Elliptic, are already able to identify signs of illicit activity and track asset flows with increasing accuracy.
To address these risks, COAF is developing a new AI-based financial intelligence system in partnership with the private sector, which is expected to become operational in about a year. This is an urgent modernization for an agency that currently has only a handful of analysts to process 7.5 million reports per year. COAF is not alone in this move toward stricter oversight. Amid growing concerns about the financing of terrorist groups and organized crime, asset recovery has become a requirement for the conclusion of investigations by the Federal Police, and proving materiality and perpetration is no longer sufficient.
The same logic of increased oversight characterized the panels on stablecoins, the future of foreign exchange, and regulation, which focused on striking a balance between regulatory control and innovation. The Central Bank has been tightening the rules for stablecoins and foreign exchange transactions. Central Bank Resolution No. 521/2025 classifies transactions conducted with stablecoins pegged to foreign currency as foreign exchange transactions. Resolution No. 561/2026, which takes effect in October 2026, prohibits their use as a settlement medium under the eFX regime. In April 2026, the Central Bank submitted a technical note to Congress proposing to reclassify stablecoins as tokenized real-world assets (RWAs), subject to the regulatory regime of the underlying asset. The so-called “sandwich operation”, in which funds are converted into stablecoins, transferred via blockchain, and reconverted at the destination, highlights the tension between financial inclusion and foreign exchange controls.
The tightening of regulations is understandable given the fraud cases that prompted the new rules. The market warns, however, that the remedy may be too harsh. The minimum capital requirement for SPSAVs, estimated by the market to range from R$ 10.8 million to R$ 37 million, could create disproportionate barriers to entry. For this reason, the private sector’s active participation in jointly shaping the regulations, as demonstrated by ANBIMA’s sandbox, is indispensable.
Final Considerations
In Brazil, blockchain has moved beyond being a promise and has become infrastructure. From renewable energy certification to the tokenization of grains and debentures, the technology already supports real-world operations, moves billions, and engages regulators such as the Central Bank, ANEEL, ANBIMA, and COAF. Even so, this is only the beginning. The convergence with AI, the energy transition, the tokenization of real assets, and regulatory maturation are opening up a cycle of opportunities for companies, investors, and entrepreneurs. This cycle also brings new risks, such as liability for the actions of autonomous agents, data protection, anti-money laundering, and increasingly stringent foreign exchange and prudential rules. In this scenario, the competitive advantage will lie with those who incorporate legal compliance from the very conception of their projects and actively participate in the regulatory framework’s development. Safely capturing the value of this market requires strategic insight, careful analysis, and specialized advice.
Our Technology team closely monitors the evolution of this ecosystem and is prepared to assist in structuring projects involving blockchain and AI, asset tokenization, regulatory compliance, and the management of legal risks associated with each stage of this transformation. Get in touch with us to learn more.
