According to reports, the Brazilian Securities and Exchange Commission (SEC) is working on modifying the country’s regulatory framework to regulate cryptocurrencies better.
According to local media, one major concern is that the bill in question does not appear to consider tokens as digital assets or securities — and they, therefore, wouldn’t fall under SEC regulation. The updated position of the nation’s SEC follows the appointment of a new board and the increased relevance of the crypto sector in the country’s financial services.
Brazilian legislators have been working on cryptocurrency legislation since 2015, but the Senate only passed the final version of a measure in April 2022. After the Brazilian Congress completes its final adjustments, the bill will be delivered to the president of the country, who will sign it into law.
Nonfungible tokens (NFTs) are also not considered securities, according to the bill, although most other tokens are still being debated.
A representative from Brazil’s SEC said:
“The mentioned bill needs specific improvements, including the definition of virtual assets, prior authorization requirements, and the approval of business combinations in redundant roles with the Cade (Brazilian Federal Trade Commission).”
Legislators feel that sending the measure to the president to establish what roles the Brazilian Central Bank and the SEC should play in authorizing initial coin offerings and regulating the market is feasible.
Another cryptocurrency-related bill was introduced in the Brazilian Congress in June. If passed, the plan would provide the freedom to utilize cryptocurrency as a payment method while shielding private keys against seizure by the courts. The legislators’ committee is now reviewing a draft of the law.
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