🚨Lula names Central Bank, CVM as regulators of Brazil's crypto market
🚨Lula names Central Bank, CVM as regulators of Brazil's crypto market
President issues much-anticipated decree formalizing law passed in December
The Lula Administration signed this morning a much-anticipated decree formalizing Brazil’s crypto law, which was passed and signed into law late last year.
The decree officially designates the Central Bank as the regulatory authority over virtual asset service providers in Brazil, a move that was expected by the market. The text states:
“The Central Bank of Brazil will regulate the operation of virtual asset service providers and will be responsible for supervising said providers.”
The Central Bank now has 180 days to develop a regulatory framework and rules governing crypto companies in the Brazil market, and it will be tasked with supervising these entities.
The CVM, Brazil’s securities regulator, will have regulatory authority over crypto assets that have characteristics of securities, such as digital fixed income tokens.
João Pedro Nascimento, CVM president, said in a statement in response to the decree:
“The CVM reiterates the importance of maintaining a broad dialogue with the crypto market, especially with those initiatives that aim to tokenize securities, for the purpose of building a regulatory framework that is increasingly more conducive to the characteristics of these assets.”
The decree was formally published in the Official Gazette and was signed by President Luiz Inácio Lula da Silva, Minster of Finance Fernando Haddad and Central Bank President Roberto Campos Neto.
Read more in Valor, CoinTelegraph Brasil, InfoMoney Portal do Bitcoin
🔥 Quick shout out to our partners at the BlockchainSP Festival and Digital Finance Brasil. These events will take place June 20-23 at the University of São Paulo and bring together crypto and TradFi professionals, students, hackers and investors from all walks
The team announced this past week that former Brazilian Central Bank President and current Binance advisor Henrique Meirelles will join as keynote speaker