- Brazil’s Financial Markets Regulator (CVM) to Roll Out Crypto Laws
- CVM to Determine Which Tokens are Securities
- Central Bank Focusing on Tightening Crypto Regulations and Developing Digital Real CBDC
Brazil’s Financial Markets Regulator (CVM) to Roll Out Crypto Laws
The head of the Brazilian financial markets regulator, João Pedro Nascimento, says the body will roll out a “decree” in “the next few days” that will allow government-appointed bodies to better police the sector. He added that the decree will likely grant the CVM the power to determine which tokens are securities. This regulation is expected to begin “regulating all crypto assets that fit the definition of security.”
CVM to Determine Which Tokens are Securities
Nascimento stated that whenever something touches on the field of securities, it will fall under the remit of the CVM and Central Bank is expected to function as regulatory body for tokens that are not classified as securities. He also mentioned that they are focusing on a decentralized finance (DeFi) project called Open Capital Market which they expect to roll out this year.
Central Bank Focusing on Tightening Crypto Regulations and Developing Digital Real CBDC
The CMV chief has claimed previously that their regulations will not hamper domestic crypto market development. Last month, Central Bank also claimed it was looking tighten crypto regulations with its central bank digital currency (CBDC) project – digital real – which would help foster domestic businesses by helping small businesses grow at a faster rate.