The Brazilian Association of Cryptoeconomics (ABcripto) welcomes the Central Bank's initiative to open, this Friday (08), two public consultations to regulate the virtual assets market, marking a significant advance in promoting democratic dialogue about the sector in the country. This initiative joins other important recent actions, such as those by the Federal Revenue Service and the Securities and Exchange Commission (CVM).
ABcripto, like in previous initiatives, will actively participate in these consultations and intends to present, within the timeframe set by the authorities, its responses and considerations that represent the Brazilian market and its members," highlights the entity's CEO, Bernardo Srur.
Public consultation No. 109 addresses the regulation of virtual asset services provided for in Article 5 of Law 14,478, detailing the operation of companies authorized by the Central Bank and the applicable fees. The new rules propose the creation of three types of service providers: virtual asset intermediaries, custodians, and brokers, each with governance obligations and minimum capital and equity requirements. Query No. 110 addresses the authorization process of these companies.
Meanwhile, the Federal Revenue Service announced on Thursday (7) the launch of a public consultation to update Normative Instruction 1,888, which regulates the declaration of crypto assets, with the new rule nicknamed DeCripto. Furthermore, the CVM is preparing to launch a public consultation on the reform of Resolution 88, which regulates crowdfunding offerings and addresses the tokenization of debt assets.
"We know that the regulatory framework planned for this year is not yet complete, and other public consultations, such as those by the CVM, are still to come. Therefore, the Criptorama 2024 event, promoted by ABcripto and which will bring together the major market players on November 19 and 20, will be an essential space to discuss the future of the crypto economy," emphasizes Srur, who adds: "The association encourages sector participation in consultations to strengthen an environment of collaboration and joint development essential for the future of crypto assets and digital assets in Brazil."
