Brazilian Securities Watchdog Demands Changes to Cryptocurrency Bill – Regulation Bitcoin Planet

The new directive from Brazil’s securities watchdog, CVM, now requires specific changes to the cryptocurrency bill pending discussion in Congress. The organization wants to fix a loophole in the current document where certain tokens would not be considered securities, including physical goods and tokenized carbon credits.

Brazil’s CVM is pushing for changes to the current cryptocurrency bill

Brazil’s securities watchdog, CVM, is pushing for changes to the draft cryptocurrency law to clarify how virtual assets will be treated in the country. The organization’s new directive has taken an active stance, different from the previous administration, which had made no proposals regarding this bill.

Specifically, the CVM is asking for a text change that would allow certain digital assets such as carbon credits, court judgments and receivables to be structured in a blockchain but not qualify as virtual assets under the draft’s definition. current law on cryptocurrencies. .

However, these new details have not been corrected, and according to the supporters of the law, there would be no possibility of including this new correction. Deputy Expedito Netto, rapporteur of the bill, told local media that he was not aware of these details but that it was not possible to change the current text of the bill.

Senator Carlos Portinho believes it would be best to start a new cryptocurrency bill from scratch. He stated:

The industry itself revised some concepts, so it preferred to sit down and start over. We must exercise participatory democracy. Projects like this must be debated to arrive at a more up-to-date text with more legal certainty. If approved as it is now, it will appeal to a few.

Other solutions

These differences between the proponents of the bill and the representatives of the Brazilian CVM could render the current cryptocurrency bill unrecoverable. However, there is one possibility that will allow the time and effort lawmakers have invested in this bill not to be wasted.

This possibility envisions the current iteration of the bill sanctioned by Congress and the executive branch vetoing it by some parties, amending and defining by decree some of the details that have been criticized.

Final discussion of the cryptocurrency bill was supposed to take place in August, but Congress is focused on the upcoming general election to be held in October. The last period during which this project can be discussed before the close of the elections in September.

What do you think of the thoughts of the Brazilian CVM on the cryptocurrency bill which has not yet been approved? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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