A new directive from Brazil’s securities watchdog, the CVM, is now pending discussion in Congress calling for specific changes to the cryptocurrency bill. The organization seeks to correct a loophole in the current document in which certain tokens would not be considered securities, including tokenized physical goods and carbon credits.
Brazilian CVM pushes for changes to current cryptocurrency bill
Brazilian securities watchdog, CVM, is pushing for changes to the cryptocurrency bill, which would clarify how virtual assets would be treated in the country. The organization’s new directive has taken a proactive stance different from the previous administration, which did not make any proposals regarding the bill.
Specifically, the CVM is calling for changes to the text that would allow certain digital assets such as carbon credits, court orders and receivables to be structured in a blockchain, but qualify as virtual assets by the definition of the current cryptocurrency bill. Will not done. ,
However, these new details have not been corrected, and according to proponents of the law, there would be no opportunity to incorporate this new correction. Deputy Expedito Neto, the bill’s exponent, told local media that he was unaware of these details but that it was not possible to change the current text of the bill.
Senator Carlos Portinho believes it would be better to start a new cryptocurrency bill from scratch. He said:
The industry itself modified some concepts, so it preferred to sit down and start. We have to use participatory democracy. Such projects need to be debated to arrive at a more current text and with more legal certainty. If it is currently approved, it will please some people.
other solutions
These differences between the bill’s proponents and representatives of the Brazilian CVM could make the current cryptocurrency bill irreversible. However, there is a possibility that the time and effort that MPs have put into this bill will not go in vain.
This likely considers the current iteration of the bill being approved by Congress, and the executive vetoing parts of it, changing by decree and criticizing some of the specifications defined.
Final discussion of the cryptocurrency bill was due in August, but Congress is focusing on the next general election, to be held in October. The last period in which the project can be discussed is before the election closes this September.
What do you think of the Brazilian CVM’s views on the yet-to-be-approved cryptocurrency bill? Tell us in the comments section below.
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