Friday, September 30

CVM president to debate plan for cryptocurrencies in 2022

CVM president Marcelo Barbosa will meet with Anbima to discuss a plan for cryptocurrencies in 2022.

The Brazilian Association of Financial and Capital Market Entities (Anbima) represents the institutions of the Brazilian capital market. The Securities Commission (CVM), linked to the Ministry of Economy, represents the government’s interests in this market.

These two different institutions have worked together in the market to regulate and inspect securities in Brazil, mainly in the traditional market. However, with the growth of the cryptocurrency market in the country, rules should also be drawn up in this sector.

CVM President welcomes Anbima to meet plan for 2022 cryptocurrencies

According to agenda of the CVM President this Tuesday (21), a meeting on the cryptocurrency market with Anbima should take place in the late afternoon.

In addition to Marcelo Barbosa, Carlos Eduardo Andreoni Ambrosio (president of Anbima), José Carlos Doherty (superintendent of Markets Superintendent) and Catarina Campos da Silva Pereira (Head of Cabinet of the Presidency of CVM) will also participate.

Today’s debate will be about “Anbima 2022 Action Plan – Invest. in Cryptoactives“, showing that the CVM’s president should know the association’s plans for the market, which can help the autarchy in its decision-making.

In recent days, in a report card of Anbima, the relationship of ICOs in the cryptocurrency market was one of the highlights, situations that are related to fundraising by companies using cryptocurrencies. This should be one of the points discussed at the meeting and which should guide CVM’s actions next year.

It is worth remembering that the cryptocurrency market has not yet seen a regulation born in Brazil, but a bill that reached the Senate in recent days intends to leave the supervision and creation of rules for the sector in charge of the executive.

In a statement in August 2021, the president of the Central Bank of Brazil, Roberto Campos Neto, said that Bacen and CVM are jointly studying the regulation of this market, and this meeting today is another possible step in that direction.

Last week, CVM issued a warning against cryptocurrencies and ICOs

In recent days, through the official Instagram account of the municipality, CVM Educacional issued an alert to the cryptocurrency market, including ICOs. In the publication, the agency asked that the population be aware of the risks involved in the market.

“Investors need to be aware, as the inherent characteristics of cryptoactives and ICOs present risks, as evidenced by the numerous cases disclosed in recent years. Among the main ones, the risk of fraud, high price volatility, liquidity risk, cybernetic risks and risks of non-regulation or the cross-border nature of operations stand out. Be alert!”

In recent years, the CVM has already interrupted the operation of several companies in the cryptocurrency market, mainly pyramid scams that operated irregularly in space. Another that suffered from the autarchy was Binance, which can no longer offer derivatives and futures in Brazil.