Brazilian regulator wants ‘transparency’ in the crypto sector, prepares to release guidelines

Brazilian regulator wants ‘transparency’ in the crypto sector, prepares to release guidelines


(source: Robert Russell/ Unsplash)

The Brazilian market regulator says it wants “transparency” in cryptocurrencies and claims it is preparing a set of industry guidelines. The agency is working in coordination with the country’s economy ministry – in another potential setback for MPs hoping to regulate the sector.

earlier this month, Securities and Exchange CommissionKnown locally as CVM, it has surprisingly taken a clear laissez-faire attitude towards cryptocurrencies, abruptly declaring that it wants to play a major role in shaping crypto policy.

The National Expert Council is under new management, but its former chairman seemed happy to wash the committee’s hands off the matter. Accordingly, MPs have drafted a bill for a relatively pro-business member and now awaits final confirmation from Parliament. An 11-hour IDV intervention could require the president to veto the entire bill — and thwart a process that began long ago in 2015.

in an official position, CVM He wrote that “crypto assets” was one of the main issues discussed at a meeting with the ministry’s policy creation unit held in Rio de Janeiro late last week.

Joao Pedro Nascimento, head of CVM, was quoted as saying that the commission was “interested in the issue” of cryptocurrencies and would “soon” release its “advisory” guidance for the sector. He claimed that cryptocurrency’s “transparency issues” need to be “explored”.

(Economics Ministry and CVM officials meet in Rio. Source: CVM)

Nascimento concluded that:

“The public needs to have information [about cryptoassets] Presented to her in a clear and objective manner.”

Cryptocurrency adoption is increasing in Brazil. Earlier this month, government data revealed that Brazilians have spent more money than ever on cryptocurrency purchases this year. In May, cryptocurrency buyers broke their previous spending records by spending a total of $912 million on coins in just 31 days.

A number of major crypto players in Latin America have also issued Bitcoin cashback credit cards in Brazil – which reward customers with BTC payments when they make a fiat purchase.



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