Regulatory framework of crypto companies is sanctioned

After seven years of processing in Congress, on December 22, 2022, the Union Official Gazette reported the sanction, without vetoes, of the Crypto Regulatory Framework. From the date of publication, the regulation will come into force in 180 days.

With the sanction of regulation, the legal framework delimited the space of companies and entities of the crypto sector, bringing more security to operators and investors. This atmosphere of regulation supports innovation, fostering confidence in the long -term technological sector, as well as ensuring that the development of the area is sustainable. It has defined this regulatory framework as extremely important, as it determines the rules clearly regarding the responsibilities of companies and the future regulator, since it is not yet defined which body will be responsible for the regulation of the sector. With the lack of definition, this role is expected to reserve, even temporarily, to the Central Bank, but with some duties under the responsibility of the Securities Commission.

The law established as a requirement for Companies in the sector can operate in this market in Brazil the existence of a headquarters in the country, also providing for possible punishments in the criminal sphere, including fines and penalties of four to eight years in imprisonment for fraud in digital assets. In addition, the law also established the obligation to report to the Council of Control and Financial Activities (COAF) any suspicious financial operation, as a way to attack and prevent money laundering plans.

Although this new framework is a good starting point, the companies and entities of the crypto sector point out that some topics need to go to the agenda, as they were left out of the final text, such as the segregation heritage Exchanges assets and customers protection, ensuring that the resources they have will not be used by brokers. The justification for the exclusion of this milestone rule is that, according to the rapporteur, the most incisive segregation could be an even greater barrier to the recent sector, generating higher operating costs for new entries in the area.
< Br /> Even with some points to be reinforced and included on the agenda, experts in the crypto market confirm: The tokenized economy has a scheduled release date! In 2024, Brazil will enter the forefront of this digital financial market, strengthening innovations and bringing even more news.

Source: neofed