The Brazilian Securities and Exchange Commission, previously unwilling to play a leading role in the regulation of crypto assets, has changed its position and is now pushing for amendments to the legal framework.
Parliamentarians note that the former leadership of the Brazilian Securities and Exchange Commission (CVM) wanted to stay away from the discussion of laws governing the issuance and circulation of digital assets, allegedly due to the fact that the agency does not have the team and resources to carry out this task. However, the new leadership drew attention to the relevance of the topic and the opportunities offered by new technologies, so they decided to join the discussion of the bill on the regulation of cryptocurrencies.
CVM director João Accioly said the bill requires important additions such as provisions regarding the definition of virtual assets, CVM prior authorization requirements, and the approval of pooled balance sheet provisions. The head of the department expressed bewilderment that the bill in its current form allows for a situation in which tokenized real estate funds, carbon credits and other tokens can be structured products on blockchains, but are not considered digital assets by law.
Acccioli drew the attention of parliamentarians that most tokenized financial instruments are in a gray area, and the discussion about whether they are securities has not yet been completed. At the end of August, legislators in Brazil’s highest house of parliament postponed a vote on a bill to regulate cryptocurrencies before the elections and announced the need to recruit personnel with up-to-date knowledge in the field of digital assets.
Source: Bits
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