Brazilian securities regulator CVM is investigating tokenization activities in the country. According to local media reports, CVM has written to some companies that provide tokenization services to third parties, requesting data related to their operations and the types of tokens issued in these activities. Some of the issues raised in these letters concern the number of tokenization operations completed by each company, the names of the assets that support these operations, and the so-called classification of these tokens (utility tokens, payment tokens, or securities).