Resistant to overseeing the house in the past, the agency same it currently plans to work on the definition of virtual assets.
The Brazilian Securities and Exchange Commission is reportedly pursuing changes within the country's legal framework with relevancy its regulation of cryptocurrencies.
According to local media, one major concern is that the bill in question doesn't seem to consider tokens as digital assets or securities — and that they so wouldn't fall under SEC regulation. The updated position of the nation's SEC follows the appointment of a new board and the increased relevancy of the crypto sector within the country's money services.
Brazilian lawmakers are working on laws for cryptocurrencies since 2015, however the Senate solely approved the ultimate version of a bill in April 2022. Once Brazil's Congress finishes its final revisions, the bill are sent to the country's president, who can sign it into law.
As delineated within the approved text, a virtual plus may be a digital illustration valuable that may be listed or transferred electronically, and used for payment or investment functions. additionally, it outlines the most effective practices for apprehend Your client (KYC) procedures and sets up ways to stop hiding. Per the bill, nonfungible tokens (NFTs) are not thought-about securities, whereas most alternative tokens square measure within the middle of discussions regarding whether or not they square measure.
In a note to an area newspaper, 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 said they believe that a potential resolution could be to send the bill to the president to work out via decree what roles the Brazilian central bank and the SEC ought to play in authorizing initial coin offerings and regulation the market. Some legislators consider this live a legal uncertainty, arguing that a wholly new bill ought to be introduced. In June, another bill related to cryptocurrencies was submitted to the Brazilian Congress. If approved, the proposal would grant the proper to use cryptocurrency as a way of payment, whereas protective private keys from being taken by the courts. A draft of the law is currently waiting to be reviewed by the legislators’ committee.
( Ana Paula Pereira, Cointelegraph, 2022 )