With regulators, the event launches a seal for Brazilian cryptocurrency brokers

Self-regulation as a starting point for the prevention of money laundering and terrorist financing (PLD/FT), this was the tone that guided the launch of the Compliance Certification Program of the Brazilian Cryptoeconomics Association (ABcripto). launch of the PLD/FT seal.

The quality mark will be monitored by Deloitte and KPMG and aims to enable companies in the sector to adhere to ABcripto’s self-regulation and statutory regulatory provisions with the application of best market practices.

In his opening remarks at the launch event, Bernardo Srur, CEO of ABCripto, emphasized that the program will have new fronts and dynamics, such as certification of compliance in custody, cybersecurity and tokenization.

“Self-regulation is the pillar of the association, and has existed since 2020, to establish rules in the areas of money laundering, fraud prevention and consumer protection, with the aim of creating a safer environment for doing business and providing investors with greater legal certainty. for the Brazilian financial system. This certificate guarantees and assures that companies have good practices in place to combat illegalities.”adds Srur.

In the “PLD/FT Seal” panel, represented by Maira Martella, Luciano Lourenço, Partners at Deloitte; and Rodrigo Bauce and Thiago Rolli, partners at KPMG; Led by Tiago Severo, legal director of compliance and self-regulation at ABCripto, it was discussed how regulating the sector is crucial to attract resources and new business models.

“As an investor, the seal helps you analyze companies and choose serious companies so that investments can take off. Audits have a serious, impartial and robust process. And outside the country we hardly see this movement. In fact, the International Financial Action Group (FATF) welcomes such a move.”Maira noted.

Regulators comment on the launch of a new seal for Brazilian cryptocurrency brokers

During the panel “Self-regulation and market”, Rafael Vasconcelos, from the Financial Activity Control Council (Coaf), emphasized the importance of alignment with FATF recommendations in favor of the evolution of the sector.

The convergence between self-regulation efforts and state regulation provides the trust that is fundamental for the company itself to expand the market. The better the ‘raw material’, the better our delivery“.

Bruno de Freitas Gomes, chief inspector of securitization supervision at the Securities and Exchange Commission (CVM), emphasized that self-regulation goes hand in hand with regulation. “Regulation does not concern a micro level of market practices, but has a more principled perspective, seeking macro guidelines so that the market can function in a prudent manner, always looking at the protection of investors, but on the other hand also at the development of the market. Self-regulation focuses on practical issues, reaches down to the micro level, segments activities and focuses on good market practices“.

The Seal of Conformity essentially complements the regulatory work of regulators, which was established in June through the Legal Framework for Cryptocurrencies. “Certifications are complementary to regulations, which are the responsibility of specific bodies, both in the case of the BC, the CVM and other bodies. Due to our competence, we cannot endorse these initiatives, but we understand that they are very useful in providing greater maturity to institutions that may be authorized and supervised by the Central Bank.“said Nagel Paulino, from the regulatory department of the Central Bank of Brazil.

The representative also mentioned the key requirements for operating in the digital asset market in the country, which will be divided into phases prioritizing factors such as types of VASPs – guidelines for a risk-based approach to virtual assets and virtual asset providers asset services – to be covered, definition of operators in the segment, integration with other established frameworks, rules regarding the prevention of money laundering and terrorist financing (PLD/FT), risks of hacking, theft and fraud, together with the CVM and COAF. Other areas in which the BC wants to make progress are governance, auditing and compliance.

Based on the authority given to the BC, following the existing line of action regarding other entities, we are currently working on a resolution regarding the activities or activities of virtual asset service providers and financial institutions operating in become active in this segment. and a parallel standard that will address the issue of authorizations“, Paulino concluded.

Understand what the new seal is

The ABCripto Conformity Seal includes a printed certificate signed by ABCripto in addition to a digital seal.

The opening of the conformity assessment process is valid for companies in the sector, by completing an online form made available by ABcripto.

The company applying for the seal of approval is required to provide complete registration details such as company size, area of ​​activity and the types of services provided to the crypto economy market, in addition to following the entity’s self-regulation manual.

The concession will undergo a new audit every year with the aim of renewing its certification.

Source: Live Coins

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