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Brazilian Securities and Exchange Commission Wants Crypto Regulatory Powers

 


The Brazilian Securities and Exchange Commission is working towards legislative changes that should help it regulate the crypto market.


As reported by the Brazilian media, the supervisory authority fears that the current draft laws would not record cryptocurrencies as securities or digital investment products, which would mean that they would not even come under the sphere of action of the stock exchange regulator. The authority's sudden proactive stance is due to the fact that it has received a new board of directors and that the crypto industry is now playing a larger role in Brazil.


The country’s politicians have been working on a legal framework for the crypto market since 2015, but a corresponding draft was finally passed in April 2022 . As soon as the final examination has been successfully completed, the law can soon be put into effect.


The preliminary text of the law provides in its basic definition that a virtual asset is the digital representation of a value that can be electronically traded, transferred or used for payment or investment purposes. In addition, the law formulates regulations on the collection of information by crypto service providers and measures to combat money laundering.


According to the draft, non-fungible tokens (NFT) are clearly not to be classified as securities, while the exact position of most other cryptocurrencies remains questionable.


Therefore, the SEC is now requesting the above changes to provide clarity:


"The draft needs some improvements, including the definition of virtual assets, approval processes and overlaps in Commerce Oversight."

The parliamentarians see as a possible solution to the conflict that the draft will next be handed over to the president, who will then decide by decree what role the Brazilian central bank and the stock exchange regulator should play in regulating the crypto market. However, critics see the danger of further legal uncertainty in this, which is why the introduction of a completely new draft is also in the pipeline. A second bill was introduced in June, but it is still pending.

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