Brazilian SEC seeks to change its role in cryptocurrency regulation
Resistant to overseeing the space in the past, the agency said it now plans to work on the definition of virtual assets. The Brazilian Securities and Exchange Commission is reportedly pursuing changes in the country's legal framework with regard to its regulation of cryptocurrencies. According to local media, one major concern is that the bill in question does not appear to consider tokens as digital assets or securities — and they therefore wouldn't fall under SEC regulation. The updated position of the nation's SEC follows the appointment of a new board and the increased relevance of the....
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The bill seeks to change the current law that dictates Brazilian workers can only be paid with the national currency.
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Brazilian Congressman Manoel Junior has proposed a public hearing to discuss bitcoin and digital currency regulation. The hearing, if held, would involve representatives from Banco Central do Brasil; the Receita Federal, the Brazilian tax enforcement agency. Conselho de Controle de Atividades Fiancerias, the country's anti-fraud agency; and representatives of the local bitcoin industry. CoinBR CEO Safiri Felix, the only company named in the official request, indicated that discussions about such a meeting have been ongoing since a report on the technology was released by the Brazilian....
On Nov. 1, The Brazilian Securities Regulator, CVM, announced that it might create a new superintendence to deal with crypto-related market regulation. João Pedro Nascimento, president of the organization, said that the regulator is currently suffering from a lack of personnel that makes it challenging to give the attention needed to the growing cryptocurrency market. Brazilian Securities Regulator CVM to Create Separate Crypto Regulatory Institution The growth of the cryptocurrency market is causing troubles for some regulatory agencies around the world that lack the manpower needed to....
The new directive of the Brazilian securities watchdog, the CVM, is now demanding specific changes to the cryptocurrency bill pending discussion in Congress. The organization wants to correct a loophole in the current document in which some tokens would not be considered securities, including tokenized physical goods and carbon credits.
Brazilian CVM Presses for Changes in Current Cryptocurrency Bill
The Brazilian securities watchdog, the CVM, is pressing for changes in the cryptocurrency bill that will clarify how virtual assets will be treated in the country. The new directive....