Modelo de serviço para tokenização da LCI

Resumo

This dissertation proposes a service model for the tokenization of Letra de Crédito Imobiliário (LCI, a Real Estate Credit Notes) using blockchain technology, with the aim of increasing the asset's liquidity and democratizing access to investment, especially for small investors. The work begins with an analysis of the regulatory restrictions that limit the early redemption of LCI, aggravated by recent regulatory changes, and presents a solution that integrates regulatory and technological processes through security tokens. The proposed model enables the early trading of LCI in the secondary market, maintaining compliance with current regulations and the protection of the Credit Guarantee Fund (FGC). The methodological approach adopted is Design Science Research (DSR), suitable for developing innovative technological solutions in regulated environments. The study reviews literature on decentralized finance (DeFi), blockchain, asset tokenization, and international experiences, highlighting regulatory challenges, technological advancements, and relevant use cases. The proposed model uses a hybrid architecture, where settlement and registration processes remain in a centralized (off-chain) environment, while the issuance, trading, and burning of tokens occur on a permissioned blockchain based on the Hyperledger Besu network. The results obtained in the Central Bank of Brazil's DREX Pilot are considered, as well as the blockchain trilemma (security, privacy, and decentralization). The dissertation concludes that LCI tokenization can be implemented in compliance with regulatory standards, promoting greater liquidity, traceability, standardization, and financial inclusion. It is recommended that the implementation of the model be preceded by consultation with regulatory bodies, and future research lines related to technological evolution, risk mitigation, and regulatory adjustments are suggested.

Ficha do documento

Tipo

Dissertação

Ano

2025

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/38082

Temas

Dados

Palavras-chave

LCITokenizaçãoDeFiBlockchainAdministração de empresasInvestimentosTokensBlockchains (Base de dados)Finanças - Inovações tecnológicas