The Brazilian Securities and Exchange Commission (CVM) plans to introduce changes to the country’s cryptocurrency regulatory framework.
Cryptocurrency activities are increasing around the world, which paves the way for new regulations for countries. In order to protect the country’s economy and investors, crypto regulations that have not yet been clarified are constantly being updated. CVM is also overhauling regulations to keep the country’s future in the crypto industry on the right track.
Brazil Demands Broad Oversight of the Cryptocurrency Market
The Brazilian Securities and Exchange Commission (CVM) has changed its stance, focusing on important changes in the legal framework for cryptocurrency regulations.
The Brazilian Senate approved the final version of a bill in April this year. It was stated that after the final regulations on this draft law are completed, it will be sent to the president for enactment. CVM also states that the bill in question is insufficient in many areas and wants the bill to be improved in order to clearly define virtual assets.
CVM said some of the concerns are that the current bill focusing on crypto regulations does not recognize cryptocurrencies as securities or digital assets. Therefore, it wants to change the legal framework of cryptocurrency regulations in the country to ensure that any regulatory gaps are covered. On the other hand, Brazilian legislatures are also trying to create regulations for the crypto space.
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