The Brazilian government is preparing to launch a decree to fill in the blanks left open by the recent approval of the cryptocurrency law. The document, prepared by the finance ministry, will establish the areas of supervision and responsibilities of the Brazilian central bank and the national securities regulator (CVM).
Brazilian government will issue new cryptocurrency regulation decree
Members of the Brazilian government are working to extend the cryptocurrency rules established by the cryptocurrency law signed into law on December 21 by outgoing President Jair Bolsonaro. According reports From local media, the Ministry of Finance is working on a decree to fill in the blanks that the general formulation of the law left unresolved. The document must be reviewed by executive advisers to President Luis Inácio “Lula” Da Silva before being sanctioned.
The document is being prepared by Gabriel Galipolo, executive secretary of the Finance Ministry, and by the secretary for economic reforms, Marcos Pinto, with the help of technicians from the Central Bank of Brazil and the national securities regulator. This decree will divide the cryptocurrency supervision responsibilities between these two institutions, giving them clear elements and market areas to attend to.
incoming provisions
The new document will assign the Central Bank of Brazil the task of organizing and supervising the behavior of cryptocurrency exchanges in Brazil, placing special emphasis on verifying that they exercise due compliance with the rules described in the law. Virtual Asset Service Providers (VASPs) will receive regulations similar to what banks currently have.
Meanwhile, the new definitions would put the Brazilian securities regulator above tokenized securities, looking at whether each tokenized asset constitutes a security. The organization will establish a new division dedicated to this task, the superintendence of digital assets.
This measure is consistent with the statements that Expedito Netto, a former rapporteur for the law, gave about the future of the law and the revisions that the government of Luis Inacio “Lula” Da Silva, current president of Brazil, announced in January.
The issue of segregation of assets will be another important issue that the government will try to include in this decree. The issue, which implies that exchange houses would have to separate their assets from the assets of their users, was proposed when the bill was still under discussion. However, it did not make it into the final bill due to disagreements in Congress.
What do you think of the new decree that the Brazilian government will issue to modify the recently approved cryptocurrency law? Tell us in the comment section below.
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