The cryptocurrency project is going to be analyzed by the Chamber’s plenary.
The Chamber of Deputies’ special commission on cryptocurrencies approved today (29) the Bill 2303/15, which deals with rules for the segment. Now, the PL goes to plenary for analysis. The text by the rapporteur, deputy Expedito Netto (PSD-RO), is a new version of the text released two weeks ago, with fewer concepts and simpler. And it is the result, according to the opinion, of conversations with market and government participants.
Thus, it leaves to the Executive power the task of defining who will carry out the more detailed regulation of cryptoactives and service providers. Like the Central Bank (BC) and the Securities Commission (CVM), for example. Thus, “the regulation will have a more technical discussion”, says the lawyer Rodrigo Borges, from CB Associados.
In addition to allowing regulators to make necessary adjustments in the future more quickly, he added. “With the market still developing, it looks interesting. When we look at BC regulating payment issues, we see speed to update the standards to innovations.”
In the previous opinion, Netto indicated that regulation of certain digital currencies would be the responsibility of the National Monetary Council (CMN), the highest authority in the financial system. The CMN brings together institutions such as BC and CVM, the latter responsible for securities.
Bill maintains current cryptoactive market
The current text doesn’t change anything about how the market works today. But, it admits the existence of this segment and, thus, begins to shape a greater regulation of cryptoactives in Brazil. Anyone against regulation may not be satisfied. But there is the other side, of those who are in the market or who hope to enter, and who are waiting for rules that provide greater security to investors.
Bill 2303/15 is by deputy Aureo Ribeiro (SD-RJ). In relation to the previous opinion of Expedito Netto, released two weeks ago, the current one takes, for example, the definitions of previous cryptoactives. “With regard to the approach adopted for regulation, we started the discussion regarding the definitions, which were made in line with those suggested by the Financial Action Group on Money Laundering (Gafi)”, says the text.
O Gafi is an international group of countries, including Brazil, which deals with policies to combat money laundering and terrorist financing.
PL talks about virtual asset and service provider of these assets
The opinion mentions the terms virtual asset and provider of
virtual asset services. “We determined that the provision of virtual asset services must comply with guidelines according to parameters to be established by the regulatory body, as suggested by several market participants, including the Brazilian Federation of Banks (Febraban).”
In addition, the text states that cryptoactive operations are subject to the Consumer Defense Code “when there is a consumer relationship”. And he accepted the suggestions of deputy Vitor Hugo (PSL-GO) in PL 2334/21, with greater penalty for crimes of financial pyramid and money laundering involving cryptoactives.