The Brazilian Securities Commission (CVM) is advancing a pilot program for securities tokenization based on distributed ledger technology. The draft resolution still awaits commission approval. The tests will use simulated transactions without involving real securities or investors. The test program lasts 60 days and may be extended by 30 days, covering key stages from issuance to settlement for stocks, corporate bonds, receivable certificates and investment fund units. It aims to assess the technical, operational and legal feasibility of the relevant technology in capital markets, explore cross-network interoperability and identify regulatory gaps. Test results may serve as references for subsequent rule revisions and legislative adjustments.