The Brazilian Cryptoeconomics Association (ABcripto) welcomes the Central Bank’s initiative to open two public consultations on Friday (08) to regulate the virtual assets market, marking a significant step forward in encouraging democratic dialogue about the sector in the country. This initiative joins other important recent actions, such as those of the Federal Revenue and the Securities and Exchange Commission (CVM).
“ABcripto, as in previous initiatives, will actively participate in these consultations and intends to submit, within the deadlines set by the authorities, its responses and considerations representing the Brazilian market and its associates”, highlights the entity’s CEO, Bernardo Srur.
Public consultation No. 109 deals with the regulation of virtual asset services provided for in article 5 of Law 14,478, detailing the operation of companies authorized by the BC and the applicable fees. The new rules propose the creation of three types of service providers: virtual asset intermediaries, custodians, and exchanges, each with governance obligations and minimum capital and net worth requirements. Consultation No. 110 addresses the authorization process for these companies.
Meanwhile, the Federal Revenue announced on Thursday (7) the opening of a public consultation to update Normative Instruction 1,888, which regulates the declaration of crypto assets, with the new rule nicknamed DeCripto. In addition, the CVM is preparing to launch a public consultation on the amendment to Resolution 88, which regulates crowdfunding offerings and addresses the tokenization of debt assets.
“We know that the regulatory construction scheduled for this year has not yet finished, and other public consultations, such as those of CVM, are still to come. Therefore, the Criptorama 2024 event, promoted by ABcripto and which will bring together the major players in the market on the next 19th and 20th of November, will be an essential space to discuss the future directions of the cryptoeconomy”, emphasizes Srur, who adds: “The association encourages sector participation in consultations, to strengthen a collaborative environment and joint construction essential for the future of crypto assets and digital assets in Brazil”.
