Securities and Exchange Commission president João Pedro Nascimento said the decree regulating the cryptocurrency market in Brazil should arrive in the coming days, although it will not take effect until June 2023.
In any case, the market awaits news of the text, the first to regulate cryptocurrency companies in Brazil.
The speech by the president of the CVM took place at the LIDE event in São Paulo, which also brought together Fabio Araujo from Bacen, Jefrey Santos from Capitual and Leandro Vilain from Febraban.
President of the CVM promises decree regulating the cryptocurrency market for “the coming days”.
Since Law 14.478/2022 came into effect in Brazil late last year, companies in the cryptocurrency market have been waiting for news.
And waiting for concrete information should come in March 2023, according to a speech by the chairman of the CVM. He recalled that it is for the executive, the current Lula government, to create rules for the market.
CVM has participated in the process and should inherit some features in the new rules related to cryptocurrencies. For example, the autarchy is expected to oversee the token market, which today arouses the interest of several companies, including financial ones.
During his speech, João Pedro Nascimento emphasized that he likes the tokenization market very much, but that there are still many challenges in the sector. With the evolution of the rules, he believes investors will be able to decide for themselves where to place their capital, having become more aware of the risks in a more regulated market.
To address some obscure topics in the cryptocurrency market, the CVM even released Opinion 40 in 2022, which previously regulated token issuers in Brazil.
CVM plans the “capital market PIX”
In addition to the debate on tokenization and the role of the CVM in a future regulated cryptocurrency market in Brazil, President João Pedro Nascimento also expects an evolution in the traditional financial market.
According to him, the new solution dubbed Open Capital Market, which he considers the “PIX of the capital market,” should significantly improve fund investor portability.
“I would use the event to draw everyone’s attention to the Open Capital Market, an initiative of the CVM. It’s an open, inclusive, democratic capital market for everyone, who this year is thinking about a better way to empower retail investors. I have called it the PIX of the capital market. There is a lot of interesting news coming.”
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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.
