The new directive from the Brazilian securities supervisory body, the CVM, now requires specific changes to the cryptocurrency bill pending discussion in Congress. The organization wants to fix a loophole in the current document where some tokens would not be considered securities, including physical tokenized assets and carbon credits.
Brazilian CVM pushes for changes to current cryptocurrency bill
The Brazilian securities supervisory body, the CVM, is lobbying for changes to the cryptocurrency law that will clarify how virtual assets in the country will be treated. The new directive of the institution took an active position, different from the previous administration, which had not made any proposals regarding this bill.
Specifically, the CVM asks for a text change that allows some digital assets such as carbon credits, ordinances and credits to be structured in a blockchain but not to qualify as virtual assets according to the definition of the current cryptocurrency bill.
However, these new details have not been corrected and, according to supporters of the law, there would be no opportunity for this new correction to be included. Deputy Expedito Netto, rapporteur of the bill, told local media that he was not aware of these details but that it is not possible to change the current text of the bill.
Senator Carlos Portinho believes it would be better to start a new cryptocurrency bill from scratch. He he has declared
The industry itself revised some concepts, so it preferred to sit back and start over. We need to exercise participatory democracy. Projects like this need to be discussed in order to arrive at a more current text with greater legal certainty. If it is approved as it is now, few will like it.
These differences between the proponents of the bill and representatives of the Brazilian CVM could make the current cryptocurrency account irrecoverable. However, there is a possibility that will allow the time and effort that lawmakers invested in this bill not go to waste.
This possibility contemplates the current iteration of the bill approved by Congress and the executive vetoing some parts of it, modifying and defining by decree some of the specifications that have been criticized.
The final discussion on the cryptocurrency bill was supposed to take place in August, but Congress is focused on the upcoming general elections to be held in October. The last period in which this project can be discussed before the elections close in September.
What do you think of the Brazilian CVM’s thoughts on the yet to be approved cryptocurrency bill? Tell us in the comments section below.
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