Regulatory Framework for Cryptoactive Securities is published

On December 22, 2022 the Law 14.478/22 was sanctioned and published, also known as the Regulatory Framework of Cryptoactive Securities, providing guidelines to be observed in the provision of services related to virtual assets and in the regulation of providers of such services. It should be noted that the Law goes into effect 180 days after its publication.

The main objective of the regulation is to ensure greater control and security in relation to the digital assets market in Brazil. Thus, the legal text defines the term “digital asset” as “a digital representation of value that can be traded or transferred by electronic means and used to make payments or for investment purposes. This excludes national and foreign currencies, electronic money (according to the Brazilian Payment System Law), points and rewards from loyalty programs, and representations of assets provided for in laws or other regulations.

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In addition, the Law determines that the competence for the regulation of these devices must be attributed to an organ or entity of the Federal Public Administration, such as the Central Bank, for example. However, it should be noted that the legal framework does not apply to cryptoactive assets that are also securities, which remain under the administration of the Securities and Exchange Commission (CVM).

Another important point brought by the legal provision is the regulation of companies that operate in the sector. That is, the legal entity that performs activities such as exchange, transfer, custody or administration of virtual assets will also have to obtain authorization to operate. As previously stated, the body responsible for this administration and supervision is yet to be defined.

It is observed that the approval of this law is an important step towards the modernization of the Brazilian legislation in face of the advances of the cryptoactive market, since a clear and consistent legislation is essential to ensure protection for both consumers and entrepreneurs of this market.

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