This article is from cointelegraph.com.br and the original article can be read here in Portuguese
The Brazilian Securities and Exchange Commission (CVM) granted authorization for B3 – Bolsa de Valores do Brasil – to create a company focused on operations involving digital assets. The decision is contained in the minutes of the meeting of the CVM collegiate disclosed on Wednesday, June 1st.
B3 DA (B3 Digital Assets Serviços Digitais) intends to offer services for the purchase and sale of digital assets, verification of the existence and ownership of assets, among other infrastructure services.
The new company linked to the Brazilian Stock Exchange was created to incorporate the segment of virtual assets into its line of products and services, with the express objective of reducing the complexity of accessing this market.
According to the newsletter of the CVM collegiate, B3 DA intends to explore business opportunities with a focus on serving financial institutions, brokers and non-financial institutions, acting as an infrastructure provider to facilitate access to the digital assets market for the entities’ customers. associated.
The activities of the future company may be expanded to meet the needs of its customers and the new requirements that may be imposed by the regulatory framework currently in discussion in Congress, especially with regards to asset tokenization.
B3 DA is the result of a stock exchange company with one of its subsidiaries, BLK, a company dedicated to the creation and development of high frequency software and algorithms for the capital markets and financial derivatives.
The Superintendence of Relations with the Market and Intermediaries (SMI) analyzed B3’s request to set up the company and was in favor of granting the authorization. Its technicians evaluated that the risks of the activity to be performed by B3 DA were duly identified and their mitigators are sufficiently adequate.
The financial risk arising from the creation of the B3 DA was considered low, since the investment is less than 1% of B3’s Ebitda (earnings before interest, taxes, depreciation and amortization).
The CVM collegiate endorsed the decision of the technical area. It was also determined that all public communication of B3 DA must be accompanied by the warning that the company is not regulated by the CVM.
As Cointelegraph Brasil recently reported, B3 has repeatedly signaled its interest in offering society access to investment products directly related to crypto and digital assets. On May 16, for example, the Brazilian Stock Exchange confirmed that within six months it will launch its first official Bitcoin trading product (BTC), Bitcoin futures market.
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