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The new directive from the Brazilian 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 some tokens will not be considered securities, including tokenized physical goods and carbon credits.
The Brazilian securities watchdog, CVM, is pushing for changes to the cryptocurrency bill that would clarify how virtual assets will be treated in the country. The new directive to the organization has taken an active stance, different from the previous administration, which had not put forward any proposals for this bill.
Specifically, the CVM is asking for a change in the text that would allow certain digital assets such as carbon credits, court orders and receivables to be structured in a blockchain, but not qualify as virtual assets under the definition of the current cryptocurrency bill. .
However, these new details have not been corrected, and according to supporters of the law, there would be no possibility of including this new correction. Deputy Expedito Netto, the mayor 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 that it would be better 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 practice participatory democracy. Projects like this must be discussed in order to arrive at a more up-to-date text and with more legal certainty. If it is approved as it is now, it will enjoy.
These differences between the proponents of the bill and the representatives of the Brazilian CVM may make the current cryptocurrency bill inevitable. However, there is an opportunity that will allow the time and effort that lawmakers have invested in this bill not to go to waste.
This possibility considers the current iteration of the bill sanctioned by Congress and the executive branch vetoing some parts of it, changing and defining by decree some of the details that have been criticized.
The final discussion on the cryptocurrency bill was supposed to take place in August, but Congress is focused on the next general election, which will take place in October. The last period in which this project can be discussed before the election ends in September.
What do you think of the Brazilian CVM’s thoughts on the yet-to-be-approved cryptocurrency bill? Tell us in the comments section below.
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