The Head of the Brazilian Securities and Exchange Commission (CVM): The body will unveil a “decree” in “the coming days” that will also allow authorized agencies to more effectively manage this sector.
According to O Globo, João Pedro Nascimento?, President of the CVM, “cryptoeconomics” could work in tandem with “the traditional economy.”
The decree is expected to give the CVM the power to decide whether or not certain tokens are classified as securities.
The CVM is also set to start supervising “all crypto assets that fall into the definition of security”, according to the newspaper.
Nascimento was quoted as saying:
“Everything that touches the domain of securities will be under the control of the CVM.”
The Brazilian Central Bank is expected to serve as the regulator for tokens that are not considered securities.
The CVM chief mentioned that crypto regulation has been “very well received” by the industry so far.
Nascimento The CVM also pointed out that they are concentrating on a Decentralized Finance (DeFi) project called the “Digital Securities Markets”, which would allow businesses to issue digital tokens.
The Brazilian Securities and Exchange Commission (CVM) has announced that new regulations for cryptocurrency are on the way. Open Capital Market, the CVM’s chief, stated that these regulations will focus on the transfer of custody of funds, and are expected to launch sometime in the next year.
Nascimento, the CVM’s chief, has said that their goal is to support the development of the cryptocurrency sector, rather than create rules that could be restrictive. Additionally, Brazil’s Central Bank has proposed a digital real (central bank digital currency) project that could be beneficial to small businesses. The bank hopes that this will help small businesses grow more quickly.