Country may have an exclusive regulator for cryptocurrencies. Photo: Miloslav Hamřík, Pixabay.
The Senate’s Economic Affairs Committee (CAE) is expected to vote, next Thursday (15), on the proposals for a bill (attached) that deal with the regulation of the cryptocurrency market. Senator Irajá Silvestre Filho (PSD-TO) gave this information today (9), during discussion of the topic with market participants. Among them were the regulators Central Bank and Securities Commission, BTG Pactual, Bitso, Bitcoin Market and the Brazilian Federation of Banks (Febraban).
The information comes hours after the Chamber of Deputies approved PL 2303/15 on cryptocurrencies, by deputy Aureo Ribeiro (Solidariedade-RJ). The approval was last (8) night. Voting in the Senate will terminate, that is, if it passes, it returns to the Chamber of Deputies. On the 30th last, the senator gave a favorable opinion so that the three bills in the Senate continue to be processed. The PLs that are in the house include 3.706/2021, 3.825/2019, 3.949/2019 and 4.027/2020.
The regulation of the sector is a condition that many investors, especially institutional ones, hope to enter the cryptocurrency market. The Chamber’s text on cryptocurrencies is more general in nature, as the Central Bank (BC) and CVM, which are regulators and technicians, must detail how the rules will be.
“The approval by the Chamber is interesting because it leaves the BC and CVM the specific regulation on the subject. I think it’s very positive considering the impact they’ve made on the market recently,” Rodrigo Borges, a lawyer and partner at CB Associados, told Blocknews. According to him, this positive impact includes the launch of a sandbox, which includes projects in cryptocurrencies and gathering information on what is happening in international markets. “It seems like a good way”, he added.
The sector may have a specific regulatory body, therefore new, that the federal government will define. This regulator could be responsible for the entire ecosystem, not just exchanges, for example. Thus, its function would include authorizing and hunting licenses for companies to operate – this authorization would be mandatory, unlike what happens today.
In addition, it will be able to authorize mergers and acquisitions operations and the operations that make with cryptoactives. The PL also provides for up to eight years imprisonment for those who commit crimes of financial pyramids.