Brazilian regulator to focus on oversight of the cryptocurrency industry

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The future director of the Brazilian Securities Commission, Otto Eduardo Fonseca de Albuquerque Lobo, said the regulator should pay “special attention” to the oversight of the cryptocurrency industry.

Brazilian President Jair Bolsonaro nominated Otto Eduardo Fonseca de Albuquerque Lobo as the new chairman of the Brazilian Securities and Exchange Commission last month. His proposal was approved by the Economic Affairs Commission of the Federal Senate on Monday.

Fonseca Lobo has not yet taken office, but has already outlined his attitude towards cryptocurrency regulation. At a conference earlier this week, he said:

“One point that deserves special attention concerns the cryptocurrency industry, which is not regulated in the country. However, this year, the Brazilian Securities and Exchange Commission authorized the trading of ETFs and ETFs on crypto assets in Brazil. ”

Fonseca Lobo did not provide further details on how the agency will implement oversight of cryptoassets. He said that issues such as new regulation of public offering and investment funds, as well as environmental issues are “the most important on the regulatory agenda of the Brazilian Securities and Exchange Commission.”

Recall that in March, the Brazilian regulator approved the launch of the first Bitcoin ETF in Latin America, and in June, the first Bitcoin ETFs began trading on the stock exchanges in Brazil and the UAE.

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