The Brazilian Securities Regulator, CVM, announced that it might spring a new superintendence to deal with crypto-related market regulation.
Brazilian Securities Regulator CVM Might Create a Supervision Unit to Deal With Crypto Markets
On Nov. 1, The Brazilian Securities Regulator, CVM, announced that it might create a new superintendence to deal with crypto-related market regulation. João Pedro Nascimento, president of the organization, said that the regulator is currently suffering from a lack of personnel that makes it challenging to give the attention needed to the growing cryptocurrency market.
Joao Pedro Nascimento, president of the CVM, stated that one of the causes of this decision is the lack of manpower the organization is experiencing right now, which affects the attention that it can give to growing cryptocurrency markets. In this sense, Nascimento explained that they were in talks to execute the required procedures to employ more personnel in 2023. HeThe CVM cannot survive without personnel, the market continues to grow.
Nascimento also explained that he hopes to have early conversations with the economic team of President-elect Luis Inacio Lula Da Silva, to negotiate on issues that the institution was already negotiating with the current government.While the institution maintained a passive stance when it comes to cryptocurrency regulation, the new management is an active player, having a say in several important crypto-related issues.
changes in the cryptocurrency bill that was set to be approved by the Brazilian Congress before the general elections that happened on Oct. 30.a document that offers guidance to identify tokens that can be considered securities in the scope of the Brazilian market. This would be useful to guide market participants in the absence of proper cryptocurrency law.a subpoena on Sept.
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