The Brazilian Cryptoeconomy Association (ABcripto) welcomes the Central Bank's initiative to open, this Friday (08), two public consultations to regulate the virtual asset market, marking a significant step forward in encouraging democratic dialogue on the sector in the country. This initiative adds to other important recent actions, such as those of the Federal Revenue Service and the Securities and Exchange Commission (CVM).
“ABcripto, as in previous initiatives, will actively participate in these consultations and intends to present, within the deadline stipulated by the authorities, its responses and considerations that represent the Brazilian market and its members,” highlights the organization's CEO, Bernardo Srur.
Public Consultation No. 109 addresses the regulation of virtual asset services as outlined in Article 5 of Law 14,478, detailing the operation of companies authorized by the Central Bank and the applicable fees. The new rules propose the creation of three types of service providers: virtual asset intermediaries, custodians, and brokers, each with governance obligations and minimum capital and net worth requirements. Consultation No. 110 addresses the authorization process for these companies.
Meanwhile, the Federal Revenue Service announced, this Thursday (7), the opening of a public consultation to update Normative Instruction 1,888, which regulates the declaration of crypto assets, with the new rule nicknamed DeCripto. In addition, the CVM is preparing to launch a public consultation on the reform of Resolution 88, which regulates crowdfunding offers and addresses the tokenization of debt assets.
“We know that the regulatory framework planned for this year is not yet complete, and other public consultations, such as those from the CVM (Brazilian Securities and Exchange Commission), are still to come. Therefore, the Criptorama 2024 event, promoted by ABcripto and which will bring together the big names in the market on November 19th and 20th, will be an essential space to discuss the direction of the crypto economy,” reinforces Srur, who adds: “The association encourages the sector's participation in the consultations, to strengthen an environment of collaboration and joint construction that is essential for the future of crypto assets and digital assets in Brazil.”.
