Brazilian central bank backs regulation of cryptocurrencies

September 23, 2021

Brazilian central bank backs regulation of cryptocurrencies

Roberto Campos Neto, president of the Central Bank of Brazil, has expressed support for the creation of a regulatory framework for the crypto industry. The regulator is discussing ways to do this with the Securities Commission (CVM).

"The financial market is changing so much that it's all becoming data. We need to change the world of regulation," the central bank governor said in an online conference.

According to Fernando Carvalho, CEO of QR Capital, Brazil's regulators recognise the growing maturity of the crypto market and understand the importance of offering regulated products to investors.

In March 2021, the company he leads received approval from CVM to launch a bitcoin-ETF. In July, the agency registered a similar product from QR Capital based on Ethereum.

Brazil became the second country in the world after Canada to approve cryptocurrency exchange-traded funds.

Campos Neto, noting the importance of improving regulations in line with innovation, stressed:

"Setting rules for financial transactions without an understanding of data regulation will be impossible."

Recall that in July, CVM candidate Otto Eduardo Fonseca de Albuquerque Lobo said that the agency should pay "special attention" to cryptocurrency transactions not covered by the current regulatory regime.

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Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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