Brazilian SEC Considers Changing Its Role in Cryptocurrency Regulation

Brazilian SEC

The Brazilian Securities and Exchange Commission is reportedly pursuing changes in the country’s legal framework with regard to its regulation of cryptocurrencies. 

According to local media, one major concern is that the bill in question does not appear to consider tokens as digital assets or securities — and they therefore wouldn’t fall under SEC regulation. The updated position of the nation’s SEC follows the appointment of a new board and the increased relevance of the crypto sector in the country’s financial services.

Brazilian lawmakers have been working on regulations for cryptocurrencies since 2015, but the Senate only approved the final version of a bill in April 2022. Once Brazil’s Congress finishes its final revisions, the bill will be sent to the country’s president, who will sign it into law.

As described in the approved text, a virtual asset is a digital representation of value that can be traded or transferred electronically, and used for payment or investment purposes. In addition, it outlines the best practices for Know Your Customer (KYC) procedures and sets up methods to prevent money laundering. Per the bill, nonfungible tokens (NFTs) are also not considered securities, while most other tokens are in the middle of discussions about whether they are.

In a note to a local newspaper, a representative from Brazil’s SEC said:

“The mentioned bill needs specific improvements, including the definition of virtual assets, prior authorization requirements, and the approval of business combinations in redundant roles with the Cade [Brazilian Federal Trade Commission].”

Legislators said they believe that a possible resolution could be to send the bill to the president to determine via decree what roles the Brazilian Central Bank and the SEC should play in authorizing initial coin offerings and regulating the market. Some legislators consider this measure a legal uncertainty, arguing that an entirely new bill should be introduced. In June, another bill related to cryptocurrencies was submitted to the Brazilian Congress. If approved, the proposal would grant the right to use cryptocurrency as a means of payment, while protecting private keys from being taken by the courts. A draft of the law is currently waiting to be reviewed by the legislators’ committee.

This Post Has 3 Comments


    Wow, wonderful weblog layout! How long have you ever been running a blog for?
    you make blogging glance easy. The entire glance of your site is wonderful, let alone the content!
    You can see similar here ecommerce

  2. Phone Tracker Free

    The most common reasons for infidelity between couples are infidelity and lack of trust. In an age without cell phones or the internet, issues of distrust and disloyalty were less of an issue than they are today.

Leave a Reply

Important Link

Fund Your Deriv Account
Withdraw Funds to Your Local Currency
VIP Trading Signals
Learn To Trade

Contact Us

Follow Us


Forex, Crypto, Options, and Binary Options have both large potential rewards and large potential risks. Therefore, before investing or trading any of the assets, ensure you are aware of and willing to accept the accompanying risks. Do not trade money you cannot afford to lose.

All Rights Reserved. None of the content of this website can be published elsewhere by any means without the prior consent of the owner(s). Please, check our terms & conditions and privacy policy before continuing to use this website.

This website and its owner(s) are not in any way liable for any incurred loss, whether caused by the information provided on this website or otherwise. The use of this website, including the content and information provided, is the user’s sole liability.