Crypto

Brazil Regulator Wants ‘Transparency’ in Crypto Sector, Prepares to Issue Guidelines

(Source: Robert Russell/Unsplash)

Brazil’s market regulator says it wants “transparency” in crypto and says it is preparing a set of industry guidelines. The body is working in conjunction with the country’s economy ministry – in a possible further setback for MPs hoping to regulate the sector.

Earlier this month, the Security and Exchange Commissionknown locally as CVM, dramatically backed away from a distinct laissez-faire attitude towards crypto, abruptly announcing that it wanted to play a key role in shaping crypto policy.

The CVM is under new management, but its former leader was happy to wash the committee’s hands off the case. As a result, MPs drafted a relatively business-friendly private member’s bill which now awaits final confirmation from parliament. The eleventh-hour CVM intervention may force the president to veto the entire bill — and sabotage a process that began in 2015.

In an official message, the GVC wrote that “cryptoassets” were one of the key issues discussed at a meeting with the ministry’s policy-making unit held in Rio de Janeiro late last week.

Joao Pedro Nascimento, the head of the CVM, reportedly said that the commission is “attentive to the issue” of crypto and will “soon” issue its own “advisory” guidelines for the sector. He claimed that crypto’s “transparency issues” needed to be “explored”.

(CVM and Ministry of Economy officials meet in Rio. Source: CVM)

Nascimento concluded:

“The public needs information [about cryptoassets] provided to him in a clear and objective manner.

Crypto adoption is on the rise in Brazil. Earlier this month, government data revealed that Brazilians have been spending more money than ever on crypto purchases this year. In May, crypto buyers broke their previous spending records by spending a total of $912 million on coins in just 31 days.

A number of major Latin American-based crypto players have also issued Bitcoin Cashback credit cards in Brazil, which reward customers with BTC payments when they make a fiat purchase.

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