The bill that regulates the cryptocurrency market in Brazil was approved this week by the Economic Affairs Committee of the Federal Senate. If there is no resource for voting in the Plenary, the text may go directly to the Chamber of Deputies for consideration.
In the assessment of tax lawyer Ana Claudia Utumi, in an interview with CNN Rádio, the PL is “a good start”, but it is still a timid first step.
“This bill comes to regulate cryptocurrency service providers, who are the intermediaries for the negotiations, not the acquirers of these assets. The idea is that, by regulating the market agents, you can regulate the market itself,” he explained.
The lawyer said that this point “disappointed a little”: “Instead of assigning regulation to entities that are efficient and experienced, that is, the Central Bank or the Securities and Exchange Commission, it was left open and it turns out that it is the executive power that will decide who will be the regulator.”
“This leaves a very wide space that should be occupied by law, not presidential decree and then regulations of the body chosen by the president to control these operations”, he added.
Even so, for Utumi, “the regulation of new markets has a positive effect because there is legislation. Now, it has become so open to regulation by the executive branch that this project is still very timid.”
According to the expert, the ideal would be for there to be regulation both by the CVM, as it is a public offering, and by the BC, because the administration is carried out by financial institutions.
Source: CNN Brasil
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