The Brazilian Cryptoeconomics Association (ABcrypto) expanded the scope of the codes and launched its tokenization self-regulation, marking an important advance for the sector, in line with CVM opinions and international good practices.
The new self-regulation will be published in September, after formal approval by the Board of Directors of ABcripto, with a validity of three extendable months.The objective is to establish clear and robust standards for the issuance and trading of tokens, providing greater transparency, security and trust for the entire market.
The tokenization market in Brazil is in a period of significant growth, reflecting global trends. According to the study “Cryptoeconomics in Brazil 2023”, conducted by ABcrypto, 27% of the companies have businesses related to tokenization.
“A ABcrypto tokenization self-regulation comes at a crucial time of growth and expansion of the sector, formalizing practices, bringing greater transparency and organization.The document maintains ethical standards, institutionalizes practices and standardizes procedures.We have established a new milestone and take another step towards the development and security of the” sector, explains Bernardo Srur, chief executive officer of ABcrypto.
For Renata Mancini, Vice President of the Board of Directors of ABcripto, “ guiding principles of self-regulation aim to ensure an efficient token market, putting on the agenda equity, transparency and trust, in addition to promoting ethical action that harmonizes with the legislation and good practices in force”.
The launch of Tokenization self-regulation reinforces the pioneering spirit of the association, which was the first to launch crypto self-regulation in 2020, and has played an important role in discussions for the creation of the Cryptocurrency Legal Framework (Law 14,478/22).
“A self-regulation stipulates guidelines associated with transparency and consumer protection, bringing more legal certainty for the investor, for conducting business, as well as for the Brazilian financial system”, adds Edisio Neto, President of the Board of Directors of ABcripto.
For Erik Oioli, managing partner of VBSO Advogados, “a self-regulation for tokenization is a sign of the maturation of this industry and prepares it to grow even more 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 work 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 Itau; and Erik Oioli, partner-director of capital markets of VBSO Advogados.
The self-regulation of tokenization was presented during the workshop “Token 5 The Future of Digital Transactions”, held last Thursday (08). The event was attended by big names in the sector, such as Matheus Cangussu, Coordinator of the ABcrypto Self-Regulatory Committee; Larissa Moreira, Tokenization GT Leader of ABcrypto and Digital Assets Manager of Itauco; Victor Yen, Director of Striked Finance of LIQI; Yuri Nabeshima, Workshop Coordinator of the Legislature Group between ABcrypto and ABCovia Tokustoli tokenization
“O code brings standardized definitions of tokenization concepts. We want to establish tokenization guidelines to promote a safe and transparent environment for investors and the market. The ABcrypto code is anchored in principles that can be adaptable to technological and legal developments”, concludes Henrique Vicentim Lisboa, Capital Markets partner of VBSO Advogados and member of the Self-regulation Working Group.
More information on tokenization self-regulation is available in the document here link.
