Brazilian President Luiz Inácio Lula da Silva, known to many as simply Lula, has signed legislation giving clarity to the roles the country’s central bank and securities regulator will take in regard to cryptocurrencies.
In a June 14 notice, President Lula signed government decree No. 11.563, establishing rules under a December 2022 law on a legal framework for crypto in Brazil. The legislation authorizes the Central Bank of Brazil to regulate and supervise virtual asset service providers and ensures many token projects that qualify as securities will continue to fall under the purview of the Comissão de Valores Mobiliários, or CVM — Brazil’s equivalent of the United States Securities and Exchange Commission.
Cointelegraph Brazil reported the CVM was aiming to create a regulatory framework better attuned to the volume of crypto trades in the country as well as emerging markets. According to the notice, the decree will go into effect on June 20 without impacting certain laws on consumer protection and financial crimes...
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