The basic text of the bill was approved by the chamber of deputies on Tuesday. The matter goes to the president.
According to the text, companies have 180 days to adapt to the new rules, only then will the law come into force. The highlight that called for property segregation was also rejected.
Deputy Aureo Ribeiro (Solidariedade), created the new crime of embezzlement specializing in virtual assets, punishable by 2 to 6 years and a fine, and requires the establishment of a license for a “virtual service provider,” which should be claimed by companies in the industry, such as exchanges and other intermediary firms trading cryptoassets.
Moreover, the issue concerns the authority of regulatory bodies over the market.
According to the scheme, crypto-assets that are considered securities will be under the control of the Securities and Exchange Commission (CVM), while assets that do not fall into this category will be the responsibility of another body appointed by the Executive Branch. the Central Bank is likely to be chosen.
The CVM recently published an opinion to the market with guidelines on investments in cryptocurrencies that are considered securities.
The document shows the possible ways to standardize, inspect, supervise and discipline market agents.
Although it was on the voting list several times, it was only appreciated today, almost six months after it was approved, because it had already passed through the Senate.
Some points of the text were not unanimous, mainly in the patrimonial segregation.
National brokerages defended the entry of the item in the text, while some foreign ones were against it.
The separation of the equity of investors and the exchanges was provided by this mechanism.
The FTX crisis has once again raised the debate over segregation after it was discovered that the company used client funds to carry out its own operations.
It becomes more difficult for users to recover their investments after filing for bankruptcy.
In the event of a failed broker, the equity of the clients would be guaranteed, according to specialists.
Exchanges opposed to the measure argue that the point of the original text was not clear and that segregation could prevent the operation of common yield products.
Because of the stalemate and the proximity of the races, the task turned out to be postponed, however it got back to the rundown of priorities after the fall of FTX, and in the amid of solid strain from industry players not to see the text return to the starting point one year from now, particularly after the rapporteur for the PL in the Chamber, Deputy Expedito Netto (PSD), was not reappointed for a next term. Those interested in fast approval also believed the PL should be authorized before the difference in government, to ensure that the Central Bank is even selected as manager.
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