The year 2022 can already be considered A landmark for regulating the crypto market in Brazil. Although this author favors decentralized self-regulation, when it is responsible, democratic and transparent, I feel compelled to inform you, reader, of developments in the Brazilian legal system and highlight that, for the time being, the focus of our regulatory law, for the Crypto sector, is not prohibited, as Two of his guidelines are free enterprise and free competition.
Thus, I confirm that the Brazilian Regulation 2022 confirmed (Article 4 of Law 14478/22):
- good governance practices;
- transparency in operations;
- risk based approach;
- Information Security
- protection of personal data;
- protect and defend consumers and users;
- protect people’s savings;
- safety and efficiency of operations; And
- Prevent money laundering, terrorist financing and the proliferation of weapons of mass destruction in line with international standards.
Thus, the benefits provided for in this Brazilian regulation of 2022 are intended to overcome the costs of regulatory adequacy, since, in principle, they provide greater security both for users of the crypto market residing in Brazil, as well as for foreign users of the aforementioned. market, which would, in theory, encourage more national and foreign participation not only by consumers, but also by individual, institutional, professional and qualified investors.
In addition, the 2022 regulation also seeks to provide legal certainty to Brazilian and foreign entrepreneurs and trading companies that intend to tokenize assets, mint NFTs and cryptocurrencies and structure companies, in the Brazilian crypto market, such as cryptocurrency investment funds and crypto assets; New exchanges Fintech companies and other types of startups related to the sector.
Well, now let’s get down to the essence of the article and I will highlight objectively and concisely, The five biggest news of 2022 about cryptocurrency regulation in Brazil:
- CVM Opinion 40/22: very educational, in which I highlight the definitions and requirements for the classification of tokens, registered in the Blockchain, as a security or tool, in relation to the crypto assets available to users residing in Brazil, very important classification requirements to leave the jurisdiction or not of CVM.
- Law 4478/22: The biggest news of 2022where it outlined the guidelines to be observed in the provision of virtual asset services (crypto assets, cryptocurrencies, NFTs, etc.) and in future new regulations targeting virtual asset service providers.
- CVM Decision 175/22: The New Brazilian Regulatory Framework for Investment Fundsthrough which I highlight the important definition of crypto-assets and their focus setting for the fund stock class.
- Law 14.430/22: Deals with issuance of Letter of Insurance Risk (LRS) by SPPE and general rules applicable to securitization of receivables and issuance of certificates of receivable. It also makes the financial institution’s requirements more flexible for providing bookkeeping and stock-keeping services. It is a very important law for coding dues.
- Provisional measure 1.151 / 22: BNDS allows Fintechs to operate in financing related to the Brazilian National Climate Change Fund, and also understandable environmental financial assets (such as carbon credits), enabled by the use of Blockchain scoring technologies.
From the above, the fruitful benchmarking innovation, in 2022, in relation to the Brazilian cryptocurrency market, stands out which, for the time being, has not become an adverse avalanche that would stop crypto innovation in an endless abyss in the Rogers Curve!
So, For this year 2023, new consumers, investors and entrepreneurs, both Brazilian and foreign, are expected to enter our crypto market, given the greater legal security resulting from the focus on good governance practices and transparency; In information security, protection of personal data, protection of people’s savings and in solidity and efficiency of operations, without losing sight of the guiding principles of free initiative and free competition.
Brazil. Law No. 14.430/2022. Available at: https://www.planalto.gov.br/ccivil_03/_Ato2019-2022/2022/Lei/L14430.htm. Accessed: 16 Jan. 2023.
______. Law No. 14478/2022. Available at: http://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/L14478.htm. Accessed: 16 Jan. 2023.
______. Temporary Measure No. 1151/2022. Available at: http://www.planalto.gov.br/ccivil_03/_Ato2019-2022/2022/Mpv/mpv1151.htm. Accessed: 16 Jan. 2023.
Securities and Exchange Commission. Opinion No. 40/2022. Available at: https://conteudo.cvm.gov.br/legislacao/pareres-orientacao/pare040.html. Accessed: 16 Jan. 2023.
______. CVM Resolution No. 175/2022. Available at: https://conteudo.cvm.gov.br/legislacao/resolucoes/resol175.html. Accessed: 16 Jan. 2023.