COFECI Regulation No. 135, published in the Official Gazette of the Union in recent days, marks a significant progress in the Brazilian real estate market by creating a special commission to regulate and monitor Brazil’s emerging digital real estate asset market blockchain.
Under the leadership of the chairman of Federal Council of Real Estate Agents (COFECI)João Teodoro da Silva, the regulation recognizes the relevance of technologies such as blockchain and tokens in modernizing the sector.
The Governance and Registration System (SGR), which is central to this regulation, promises security and transparency with the use of encrypted data that is automatically linked to real estate contracts.
Understand more about the progress in the regulation of real estate assets on blockchain in Brazil
The goal is facilitate access and authenticity of documents and promote trust in the market. Furthermore, the regulation highlights the impact of new digital markets based on tokens, which required increased oversight and regulatory innovation.
“Art. 1st Establish a special commission for the supervision and regulation of the Brazilian digital real estate assets market, with the following responsibilities: a) To propose the preparation or revision of resolutions and regulations related to the operationalization, supervision and the functioning of the Brazilian Digital Real Estate Assets Market; b) Monitoring public hearings and public consultations promoted by other government agencies on this topic, presenting possible questions and improvement proposals; c) Monitoring and propose improvements to all legislative agendas dealing with this topic, including the formulation of draft laws; d) Propose solutions to improve inspection and monitoring actions for the markets in question, including possible technological and development requirements; to ensure the proper functioning of the RAD and the market as a whole. CHAPTER II. Time and operational rules.”
The formed committee consists of experts in the fields of law, technology and computer science, such as Gean Anderson Silva (Chairman), Pedro Henrique Menzes Naves, Dorgival Martins Barros and others.
Responsibilities include proposing improvements to the SGR, monitoring legislative agendas and developing inspection actions.
The Commission must work for 90 days, but can extend the work
THE The commission’s initial action period is ninety dayswhich may be extended depending on the interest of COFECI. Although members receive no compensation, participation is recognized through certificates.
With the initiative, COFECI aims to prepare the real estate market for digital transformations and promote greater efficiency and security in the use of digital assets in the sector. The official publication in the Union Gazette is available through this link.
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.
