September 29, 2022

Brazil is preparing a law on cryptocurrencies

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The Brazilian Securities and Exchange Commission (CVM) has said it wants to achieve full transparency in the cryptocurrency sector. In this regard, the experts of the institution are preparing a set of industry recommendations. The supervisory authority works in cooperation with the country’s Ministry of Economy.

Earlier in September 2022, members of the organization said they had radically changed their view of the digital finance industry. It was noted that the CVM is going to play a key role in shaping policy and creating a regulatory framework for the sector. This happened due to the fact that the leadership of the organization changed.

Now the regulator of the Brazilian markets is actively discussing the possibility of integrating cryptocurrencies into the internal economy of the state. This issue was the subject of discussion at a meeting with the policy development department of the ministry, held late last week in Rio de Janeiro.

CVM Chairman Joao Pedro Nascimento assured that the commission is attentive to the digital currency industry and will present to the public a document in the very near future, which will outline recommendations for controlling the industry. According to him, there are many aspects that need to be carefully studied.

According to the financier, citizens and companies should have public access to information about the possibility of using cryptocurrencies. There should be no questions or doubts here. Nascimento stressed that the adoption of this form of money in Brazil is growing.

Earlier this month, government data showed that locals have spent more money buying digital assets this year than ever before. In May, citizens bought $912 million worth of cryptocurrencies.

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