Brazil's President authorizes the central bank as a crypto regulatory authority

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Von Krypto News Österreich

Der Präsident Brasiliens – Luiz Inácio Lula da Silva, einfach Lula genannt – beauftragte die Zentralbank des Landes mit der Überwachung des lokalen Kryptowährungssektors. Das Gesetz, das am 20. Juni in Kraft tritt, gibt den Finanzinstituten die Zuständigkeit, zu bestimmen, welche Firmen auf dem lokalen Markt tätig sein dürfen. Die Bank wird außerdem mit der brasilianischen Börsenaufsichtsbehörde (Comissão de Valores Mobiliários oder CVM) zusammenarbeiten, um Münzen zu überwachen, die als Wertpapiere gelten. Brasiliens Zentralbank will Kryptoregeln einführen Präsident Lula kürzlich unterzeichnet ein offizielles Dekret, das die Banco Central do Brasil ermächtigt, die inländische Kryptowährungsbranche zu regulieren. Wie in der Anordnung …
The President of Brazil - Luiz Inácio Lula da Silva, simply called Lula - commissioned the country's central bank to monitor the local cryptocurrency sector. The law that comes into force on June 20 gives the financial institutions to determine which companies can work on the local market. The bank will also work with the Brazilian stock exchange supervisory authority (Comissão de Valores Mobiliários or CVM) to monitor coins that are considered securities. Brazil's central bank wants to introduce crypto rules President Lula recently signed an official decree that authorizes Banco Central do Brasil to regulate the domestic cryptocurrency industry. As in the arrangement ... (Symbolbild/KNAT)

The President of Brazil-Luiz Inácio Lula da Silva, simply called Lula-commissioned the country's central bank to monitor the local cryptocurrency sector. The law that comes into force on June 20 gives the financial institutions to determine which companies can work on the local market.

The bank will also work with the Brazilian stock exchange supervisory authority (Comissão de Valores Mobiliários or CVM) to monitor coins that are considered securities.

Brazil's central bank wants to introduce crypto rules

President Lula recently signed an official decree that authorizes banco central do brasil, the domestic To regulate cryptocurrency industry. As stated in the arrangement, companies that want to offer services in the area of ​​digital assets must obtain approval of the bank.

The institution will also introduce a license system for crypto providers in which all participants have to register. The monitoring of whether companies comply with the combination of money laundering and whether they are connected with criminal activities such as the financing of terrorism will also fall into the area of ​​responsibility of the central bank. The upcoming changes will come into force on June 20.

The Brazilian SEC will also play a role in the regulation process. The authority and the Banco Central do Brasil will monitor cryptocurrencies that are marked as securities. However, the applicable law does not clarify which digital assets fall into this category and which are considered goods.

The determination of clear standards for dealing with digital assets could make the country more attractive for crypto enthusiasts. The Brazilians have already expressed their sympathy for the sector. A survey carried out by Gemini determined that over 40 % of the locals have digital currencies.

Expansion efforts of Binance and Coinbase in Brazil

Two of the leading cryptocurrency exchanges-Binance and Coinbase-which have recently been targeted by the US stock exchange supervision SEC, have started various crypto initiatives in the area of ​​South America.

Binance Partner In January this year with the multinational financial services giant MasterCard to introduce a prepaid card in the region. The step took place due to the company's ambitions to "expand the connection between traditional finance and crypto". The card is accepted in every business that uses Mastercard's payment services.

Coinbase Tied together Preserver-Spaces = "True"> to offer additional cryptocurrency services. The partnership enables the purchase of digital assets with Brazilian real and enables withdrawals and deposits in the state currency of the country.

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