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The Federal Official Gazette (DOU) published Decree No. 11,563 today on entry into force. which regulates the legal framework for cryptocurrencies, making the Central Bank (BC) responsible for
The Federal Official Gazette (DOU) published Decree No. 11,563 today on entry into force. which regulates the legal framework for cryptocurrencies, making the Central Bank (BC) responsible for disciplining the activities of virtual asset service providers in the country..
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According to the text of the decree, the Securities and Exchange Commission (CVM) will continue to oversee securities assets, and the National Consumer Protection System will retain its powers unchanged.
Thus, BC takes on the task of establishing illegal rules for the sector, as well as authorizing and supervising companies that provide services in this area. Under Law No. 14,478, companies will have a minimum period of six months to adapt to the new rules.
The Marco Legal das Cryptocurrencies regulation initiative is considered an important step for the development and security of the crypto market in Brazil. This measure is expected to ease the adoption of cryptocurrencies by providing greater legal clarity and protection for investors and consumers.
The BC, as the responsible body, will be tasked with developing guidelines for companies working with cryptocurrencies that guarantee transparency of operations, prevent financial crimes and protect consumers. Adequate regulation will help attract investment and stimulate innovation in the sector, boosting the Brazilian digital economy.
It is worth noting that the six-month adaptation period is intended to give companies enough time to adjust to the new regulations to avoid negative impacts on their operations. During this period, dialogue between regulators and companies is expected to be ongoing to clarify doubts and make recommendations.
With the implementation of Decree No. 11,563, Brazil is positioning itself as a country that strives for a balanced approach to the regulation of cryptocurrencies, encouraging innovation while ensuring the safety and protection of market participants. The legal framework is expected to give the sector more confidence and stability, accelerate its growth and strengthen Brazil’s position in the global cryptocurrency scenario.
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With the entry into force of the new law, the Central Bank (BC) assumes responsibility for overseeing the activities of digital asset service providers known as Vasps. These service providers will need to adapt to a range of legal requirements and risk controls to be determined by the Commercial Committee.
It is worth noting that these requirements already apply to service providers in other segments such as payments, cards and securities brokerage. Now, with specific regulation for digital asset service providers, the goal is to provide a safe and transparent environment for these activities to operate.
The new law focuses on the activities and responsibilities of cryptocurrency service providers, recognizing their importance in the economy and public savings. The regulation puts the industry within the legal framework, aligning Brazil with several countries that have specific regulations for the sector.
There is no immediate impact on investors. In the coming days, the Central Bank will issue regulatory instructions for existing service providers, which will have a deadline to streamline their activities. Doubts remain with those who do not have a presence in the country.
The responsible authorities will have six months to create specific rules regarding, among other things, capital requirements, risk control, pricing procedures. These powers belong to the Central Bank and CVM.
Separation of assets will be dealt with specifically at the administrative level in accordance with the current rules for the treatment of third party funds. Brokers will not be able to use client funds for their own applications.
Operating foreign brokerages will have a deadline to set up a CNPJ and legalize their registration status. In addition, they must comply with certain rules set by the regulator.
CVM will regulate the supply of securities in the form of tokens, including derivatives and collective investment contracts, in the same way as it does with traditional assets.
From October, Brazilian investment funds will be able to directly invest in crypto assets in the country, provided they are traded on regulated markets. Currently, funds invest in digital assets only abroad.
The possibility of forward, futures or other derivative transactions will depend on the registration of these contracts in the local market in accordance with the rules of trade in Brazil.
The new law does not change the current taxation rule for the purchase and sale of crypto assets. Taxation for individuals occurs through capital gains from the sale of these assets in accordance with the instructions of the Federal Revenue Service.
The country will provide for civil, regulatory and criminal penalties for those involved in cryptocurrency pyramid schemes. In the criminal sphere, punishment is provided in the form of imprisonment from four to eight years.
The law does not apply to non-fungible tokens (NFTs) and smart contracts. These issues will be regulated by the Central Bank and the CVM within their competence.
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Donald Salinas is an experienced automobile journalist and writer for Div Bracket. He brings his readers the latest news and developments from the world of automobiles, offering a unique and knowledgeable perspective on the latest trends and innovations in the automotive industry.
