The Brazilian Cryptoeconomy Association (ABcripto) has expanded the scope of codes and launched its tokenization self-regulation, marking a significant advance for the sector, aligned with the CVM opinions and international best practices.
The new self-regulation will be published in September, after formal approval by the ABcripto Board of Directors, with a validity of three extendable months. The goal is to establish clear and robust standards for the issuance and trading of tokens, providing greater transparency, security, and confidence for the entire market.
The tokenization market in Brazil is in a period of significant growth, reflecting global trends. According to the study “Cryptoeconomy in Brazil 2023” conducted by ABcripto, 27% of companies have businesses related to tokenization.
“ABcripto’s tokenization self-regulation comes at a crucial moment of growth and expansion in the sector, formalizing practices, bringing greater transparency and organization. The document maintains ethical standards, institutionalizes practices, and standardizes procedures. We set a new milestone and take another step towards the development and security of the sector,” explains Bernardo Srur, CEO of ABcripto.
For Renata Mancini, Vice President of the ABcripto Board of Directors, “the guiding principles of self-regulation aim to ensure an efficient token market, focusing on equity, transparency, and confidence, as well as promoting ethical conduct that harmonizes with current legislation and best practices.”
The launch of the Tokenization Self-Regulation reinforces the association’s pioneering spirit, being the first to launch self-regulation in the crypto sector in 2020, besides playing an important role in discussions for the creation of the Legal Framework for Cryptocurrencies (Law 14.478/22).
“Self-regulation establishes guidelines associated with transparency and consumer protection, bringing more legal security for the investor, for conducting business, as well as for the Brazilian financial system”, complements Edísio Neto, President of the ABcripto Board of Directors.
According to Erik Oioli, partner-director of capital markets at VBSO Advogados, “self-regulation for tokenization is a sign of maturity in this industry and prepares it to grow even further in the context of a digital economy, creating standards and rules that increase transparency and security for the entire market.”
The document is the result of a collaborative effort of ABcripto, through its Self-Regulation Committee, coordinated by Matheus Cangussu, Legal Director of Loopipay; Rita Casolato, Compliance Director of LIQI; in addition to the Tokenization working group, led by Larissa Moreira, Digital Assets Manager of Itaú; and Erik Oioli, partner-director of capital markets at VBSO Advogados.
The self-regulation of tokenization was presented during the workshop “Tokenization – The Future of Digital Transactions”, held last Thursday (08). The event featured the participation of prominent figures in the industry, such as Matheus Cangussu, Coordinator of the ABcripto Self-Regulation Committee; Larissa Moreira, Leader of the Tokenization Working Group at ABcripto and Digital Assets Manager at Itaú; Victor Yen, Director of Structured Finance at LIQI; Yuri Nabeshima, Coordinator of the Working Group between ABcripto and IBRADIM; Jonatas Montanini, COO and Co-Founder of Zuvia; Gustavo Blasco, CEO of GCB Investimentos; Erik Oioli, Leader of the Tokenization Working Group at ABcripto and partner-director at VBSO Advogados; Rita Casolato, Coordinator of the ABcripto Self-Regulation Committee; and Carlos Akira, Legal & Compliance at Zuvia. The workshop provided a rich space for discussions on the tokenization universe and its implications for the future of digital transactions.
“The code brings standardized definitions of tokenization concepts. We aim to establish tokenization guidelines to promote a safe and transparent environment for investors and the market. The ABcripto code is based on principles that can be adaptable to technological and legal evolutions,” concludes Henrique Vicentim Lisboa, Capital Markets partner at VBSO Advogados and member of the self-regulation Working Group.
More information on tokenization self-regulation is available in the document at this link.
