backDecree No. 11,563/2023 was published on June 14, 2023, and established that the Central Bank of Brazil (Bacen) will be responsible for regulating, authorizing, and supervising virtual asset service providers in the country.
The referred Decree partially regulates the Legal Framework for Cryptocurrencies (Law No. 14,478/2022), which shall come into force on June 20, 2023.
The market eagerly awaited the appointment of the local authority responsible for enforcing the Legal Framework for Cryptocurrencies, since without an authority, the legal text could not produce concrete effects. Now, Bacen can further detail the crypto regulation.
The Decree expressly says that the attributions given to Bacen do not interfere with the competence of the Securities and Exchange Commission (CVM), which is still responsible for crypto assets that represent securities (article 3).
Now, the expectation is that Bacen will further detail the rules for companies that operate with digital assets in Brazil, in accordance with the Legal Framework for Cryptocurrencies.
Our team at Campos Thomaz & Meirelles Advogados is well-prepared to assisting our clients regarding any inquiries pertaining to cryptocurrencies, blockchain, fintechs and other related matters. We stay constantly informed about legislative updates and are readily available to offer advisory services on these subjects.
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