After the approval of the bill that regulates the cryptocurrency market in Brazil, companies in the sector must prepare to adapt their operations, since after presidential sanction, they will have six months to follow the rules. According to information from the Chamber of Deputies about the approval, the text regulates the market and companies in the sector, and not the digital assets themselves. In addition, it provides for penalties for those who commit crimes using cryptocurrencies, such as financial pyramids. See the reactions of companies on the approval of the bill.
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“Moment of cryptocurrencies is adjustments”, says Ripio executive
According to Henrique Teixeira, Global Head of Business Development at Ripio, the moment for the cryptocurrency market in Brazil is one of adjustments. 🇧🇷Undoubtedly, it is a moment of adjustment for the sector. These types of events like the FTX and its aftermath have negative consequences in the short term, but also bring new opportunities for the crypto world in general.
The main one is being able to learn from what happened and being able to adjust so that it doesn’t happen again. The approval of the bill will help a lot in this regard and further strengthen the Brazilian crypto segment, especially in terms of security, which, unfortunately, still generates distrust among investors.
In addition, since we have in Brazil a regulatory framework of reference even for other nations, we encourage the implementation of a variety of projects, products and services aimed at the Brazilian crypto ecosystem, creating more business opportunities and making the sector rise even more becoming an international benchmark and resulting in a more robust and safer industry for everyone.🇧🇷
CEO of Bitso in Brazil highlights that country is at the forefront of the world
To Livecoins, Thales Freitas, CEO of the Bitso brokerage in Brazil, recalls that the approval of the PL puts the country at the forefront of the world.
“The approval of PL4401/2021 is a milestone in the country’s crypto history. It has never been more important and urgent to highlight the importance of regulation and compliance measures, so that companies in the sector can guarantee security, transparency and trust to users . Brazil is today at the forefront, in a reference position in the creation of a regulatory framework that will contribute to increasing market protection and stimulating the broad development of the national cryptoeconomy.”
Fan token platform, Socios believes milestone is important
Socios.com and Chiliz received with great satisfaction the approval of the Regulatory Framework for the crypto-economy sector last Tuesday, November 29th.
“To see that, with the sector’s growth, leading and serious companies will be able to act based on a regulation that will establish high standards of security, transparency and trust, supporting the players that are really committed to developing this market and protecting their consumers, and this is what we have been waiting for since arriving in Brazil. Even though we still have a lot of work to do, educating our community on how to best use the cryptoeconomy is a first and fundamental step towards what we believe will be a game changer for the industry”.
The company is a participant in Brazil’s cryptocurrency and NFT ecosystem. Clubs such as Corinthians, Flamengo and São Paulo have already issued their digital assets with the help of the platform.
Lawyer highlights that without asset segregation, cryptocurrency bill
For the partner of Cescon Barrieu in the Regulatory Capital Markets area, Julia Franco, the moment is one of caution. That’s because the infralegal regulation edited from the new law must be adequate and not offer excesses to investors. 🇧🇷It is necessary that both the law and the regulations to be enacted are limited to dealing with the points that effectively bring legal certainty, without inhibiting innovation and legitimate contractual arrangements. Regulation is positive if it promotes the sector’s sustainable development, but it can be very harmful if it is excessively restrictive”, she says. in the Chamber. The obligation of segregation is very relevant, according to Julia, because it guarantees that the clients’ equity does not mix with that of the exchanges, guaranteeing greater legal security and transparency to the market.”It is interesting that the law does not have so much detail, and that it delegates to the regulator the power to actually establish the terms of the regulation, as it is closer to the market. But, in the case of property segregation, this should be in the law. It is not something that the regulator, such as the Central Bank, for example, will be able to foresee in its own regulation with the same security”, he explains. “In an extreme situation, where the issue goes to the Judiciary, or even in the event of enacting an extrajudicial liquidation, it is necessary to be clear in a possible liquidation of a bankrupt estate that that equity belongs to the client“, emphasizes the lawyer.
Association of cryptocurrency companies celebrates approval of the bill
In a note to Livecoins, ABCripto said that it celebrates the approval of the Regulatory Framework for Cryptocurrencies, which took place on Tuesday (29), during the session of the Chamber of Deputies.
“This measure guarantees that Brazilian society takes one more step towards the security and development of the sector. The Regulatory Framework is extremely important, as it establishes clear rules regarding the responsibilities of companies and the regulator.”
ABCripto believes in a very promising future for the area and understands that it is the first step of many in relation to cryptoeconomics in Brazil.
Camara-e.net believes that the cryptocurrency market has advanced
In a statement sent to Livecoins, the Cryptocurrency and Blockchain Committee of the Brazilian Chamber of the Digital Economy (camara-e.net) sees the approval of Bill No. important advance for the digital asset market in the country, in addition to including Brazil at the forefront of discussions on the subject. For the Committee, the approval of the regulatory framework in the National Congress plays a relevant role, amid the rapid growth in the adoption of crypto assets in Brazil, since it guarantees legal certainty in the sector’s development process, both for users and for the institutions that participate of this industry.
“Regulation plays a fundamental role for the sustainable development of this market. An important stage in the debate on the crypto and blockchain industry has been completed, but it is necessary to wait for the next steps and the course of the proposal until the presidential sanction. The regulation of cryptoassets in the country strengthens the leadership position that Brazil holds in the market. A global report by Chainalysis, a blockchain analysis company used by several government agencies around the world, showed Brazil in seventh place in the 2022 Global Cryptocurrency Adoption Index, leading America Latin.”
