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....
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