Recently, the Brazilian securities regulatory body, CVM, launched an investigation into tokenization activities. The main focus is on companies that offer tokenization services to third parties. According to reports, CVM sent letters to these companies requesting detailed information related to their operations and the various tokens issued in these activities. Specific issues covered in the investigation include the number of completed tokenization operations by each company, the names of assets supported, and the criteria for classifying these tokens as utility tokens, payment tokens, or securities. This investigation aims to ensure market order and protect investors' rights, as well as to help CVM better understand the development status of tokenization activities in Brazil.