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BC public consultations benefit cryptoactive investors, argues Pinheiro Neto
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To the public consultations opened by the Central Bank (BC) promise transform the cryptoactive market in Brazil. According to Tatiana Mello Guazzelli, partner at Pinheiro Neto Advogados and specialist in business law and cryptocurrencies, the changes will bring greater security and transparencyin addition to attracting new investors to the sector.
With deadlines until February, consultations CP 109, 110 and 111 address fundamental aspects of regulation of virtual asset providers (VASPs, its acronym in English). The objective is create a clear regulatory frameworkwhich covers everything from the formation and operation of companies to their performance in specific markets, such as foreign exchange.
CPs 109 and 110, with a deadline of February 7, establish guidelines for the creation and operation of VASPs. They also regulate services such as custody and trading of crypto assets by other institutions regulated by the BC. CP 111, open until February 28th, deals with regulation of activities in the foreign exchange marketsuch as international payments using exclusively virtual assets.
Tatiana explains that the new rules will allow international transactions without the need for conversions into fiat currencies, as long as some limitations are respected. For example, VASPs will have a cap of US$ 100 thousand per operationwhile other authorized institutions, such as CTVMs and DTVMs, will have a limit of US$500 thousand per transaction.
BC public consultations on cryptoassets
For Tatiana, the regulation will bring more legal and operational securitywhich will benefit both exchanges and investors.
However, the expert warns that new rules impose challenges on companies. This is because VASPs will need regular audits, but many auditing firms are not yet ready to deal with the specificities of this market.
Tatiana finally reinforces the importance of participating in public consultations to adjust proposals that require longer periods of adaptation or improvements.
BC public consultations benefit cryptoactive investors, argues Pinheiro Neto
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BC public consultations benefit cryptoactive investors, argues Pinheiro Neto
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BC public consultations benefit cryptoactive investors, argues Pinheiro Neto
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BC public consultations benefit cryptoactive investors, argues Pinheiro Neto