A company that works with bitcoin tracking and other cryptocurrencies has scheduled a meeting with one of the heads of Brazil’s Central Bank to discuss market regulation.
Chainalysis leaders will meet virtually with the central bank representative one month after Brazil’s cryptocurrency law is passed.
However, the press will not be able to participate in the regulator’s discussions with the company.
After the cryptocurrency regulations are approved, the cryptocurrency tracking company is in talks with the Central Bank of Brazil
This Thursday between 5:30 p.m. and 6:20 p.m. (Brasília time), Ricardo Eyer Harris, current
Chief of Cabinet of the Director of Financial System Regulation, has an appointment with the main leaders of Chainalysis.
These are: Brianna Kernan, Leader of Chainalysis in Latin America and Thomas Stanley, Regional Director and Chief Revenue Officer of Chainalysis.
The planned regulatory debate will take place after the passage of the cryptocurrency law in Brazil, which took place on December 21, 2022.
THE Law No. 14,478 of 2022 presents rules for cryptocurrency exchanges in Brazil to comply with regulators. It is possible that the Central Bank of Brazil, in addition to the Securities and Exchange Commission, will lead the application of the rules and supervise the companies.
However, it is not clear from the rules whether there will be a screening of cryptocurrencies during market surveillance. Since the event with Chainalysis does not allow the participation of the press, there is no information yet on what topics the municipality is interested in.
In addition to screening, the company offers market research
It is worth remembering that the new cryptocurrency market rules, approved by the National Congress and sanctioned by the executive branch, go beyond the rules for brokers.
This is because those who commit crimes related to cryptocurrencies can also be held accountable for their actions.
Brazil’s new law amended the penal code to provide for crimes of fraud using cryptocurrencies, as well as crimes against the financial system. That is, financial pyramids using the image of cryptocurrencies can report problems to the authorities.
In addition, anyone who launders money with cryptocurrencies in Brazil, using brokers, must face criminal charges. Penalties for crimes involving cryptocurrencies, provided by law between 4 and 8 years of imprisonment, can be increased by up to 2/3 when committed by criminal organizations. The new legislation also provides for payment of fines for cryptocurrency fraud.
It is not clear whether the company conducting the cryptocurrency screening can help with these investigations, but the Central Bank of Brazil already knows the solution on Thursday. It is worth remembering that the rules will become applicable in June 2023.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
