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The Brazilian Securities Commission (CVM) has issued Resolution 249, launching a tokenized securities experimental project to test simulating stock trading, securities issuance, operation, and management on a blockchain network. The project uses simulated assets in a controlled environment and does not involve real financial risks. Compare the advantages and disadvantages of using public and private chains for securities business, and evaluate the risks of network security, smart contracts, interoperability, and network resilience. The blockchain networks participating in the pilot must write market rules into smart contracts, maintain privacy in securities operations, and be audited by regulatory agencies. B3 is building a tokenization platform and plans to launch it in 2027 using self-developed stablecoins. Initially, it will not provide round the clock trading and will integrate digital assets with traditional market liquidity pools.