TechFlow reports that on September 19, according to Ledger Insights, the Brazilian Securities and Exchange Commission (CVM) is advancing a distributed ledger technology (DLT) pilot program designed to conduct simulated trading tests for tokenized securities without involving actual securities or investors. Led by the CVM Tokenization Working Group (GTT), the 60-day test may be extended by 30 days and will cover the full lifecycle (from issuance to settlement) of various instruments including stocks, bonds, accounts receivable certificates, and investment fund shares. This testing initiative aims to evaluate the technical, operational, and legal feasibility of DLT within capital markets, while also exploring cross-network interoperability and identifying regulatory gaps. The final outcomes could prompt adjustments to relevant rules and legislation. The draft resolution remains subject to approval by the CVM Board of Directors.