In three years, cryptocurrency funds reached 180 thousand shareholders. Photo: Art Rachen, Unsplash.

Funds with exposure to digital assets reached BRL 2.7 billion in assets under management and 183,000 shareholders on September 8, 2021, therefore three years after the Brazilian Securities Commission (CVM) allowed the so-called 555 funds to invest in cryptocurrencies.

These 555 funds seek long-term returns and invest in different types of assets. In January 2019, the amount under management was R$ 4 million and there were 371 shareholders. The CVM authorization that allowed the funds with cryptocurrencies, the first of its kind, was circular letter 11/2018CVM. To QR Capital CEO Fernando Carvalho, the numbers show the strength of the market.

CVM has its regulatory sandbox in progress and assesses which will be selected first. The expectation is that the selection will be announced tomorrow (30) and that there will be projects in cryptoactives. In addition, together with the Central Bank, the CVM is also studying new market regulations.

The CVM Sandbox Committee (CDS) considered only six of the 33 proposals it received for its regulatory sandbox to be suitable. Another 25 considered unsuitable and rejected two because they did not justify “the need to operate in a regime different from the ordinary one”.*

But, the CDS considered that it needed to go deeper into the six proposals regarding the operationalization of its business models. Therefore, the collegiate extended this analysis for six months, until tomorrow. CV will deliberate on the temporary authorizations of these bidders and will release the results over the next three months. Although not simultaneously.

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