Close this search box.
Close this search box.
Close this search box.
  • Home
  • BlockBR News
  • MB, Binance, Mercado Livre, XP, Bitso and 16 others comment on CVM’s intention to regulate cryptocurrencies in Brazil

MB, Binance, Mercado Livre, XP, Bitso and 16 others comment on CVM’s intention to regulate cryptocurrencies in Brazil

21 companies and experts in the cryptocurrency sector in Brazil state whether CVM ‘s intention to issue an opinion for the cryptocurrency market is good, bad, and whether it will hinder or help the market.

Recently the new president of the Securities and Exchange Commission(CVM), João Pedro Nascimento, warned that the agency will publish a set of guidelines on the cryptocurrency market in Brazil

According to Nascimento the opinion that the CVM will issue concerns how cryptocurrencies can be considered securities and therefore this may redefine the cryptoactive market in Brazil since since 2017, CVM is not pronouncing itself about the subject and, since then, Brazil has advanced in the tokenization ecosystem of traditional assets and the cryptocurrency market has seen the blossoming of NFTs, DeFi and liquid staking.

Cointelegraph spoke with 21 entrepreneurs, companies and personalities active in the cryptoactive market in Brazil to understand how they assess the CVM’s intention to issue market guidance in Brazil and how this may impact the cryptocurrency market in the country.

Bitcoin Marketplace

Julien Machado Dutra, head of government affairs at Mercado Bitcoin, said that there is no surprise with the CVM’s decision, nor is the initiative something exclusive to the new president of the autarchy.

He points out that within the CVM there is already a group, made up of different players, debating cryptocurrencies and the CVM’s role in the sector. Therefore, he points out that the guidelines that the CVM should issue have already been ‘discussed’ with entities from the sector.

He also points out that tokenization is the future of the cryptoeconomy, as cryptocurrencies are evolving into crypto-assets, which are representations of various items, physical or digital, and therefore many of these assets may fall within the scope of the CVM’s work.

“We face this here very naturally. The PL in the House should place the Central Bank as a regulator, it will be responsible for overseeing and acting as the regulator of the exchanges so that they have the best market practices, developing the technology to also support the Digital Real. But there is another world in crypto regulation that the CVM will act and that it has been studying for a long time within the Financial Innovation Lab,” he said.

Julien highlights the role of the Lab that has been dissecting how the cryptoeconomy will advance and so the CVM will be able to separate what does or does not fit into what is real estate value and what is blockchain real estate value.

“The PL gives the CVM the freedom to act as it has already been doing. João Nascimento is a new guy, intelligent and connected with the new modalities of technology and investment and wants to help develop this market and not ‘get in the way’. CVM is there to be a facilitator and to help generate the best practices, leaving the market more relaxed about what it can and how it can operate”, he said.


Binance said it acts in full accordance with the Brazilian regulatory scenario and in permanent dialogue with local authorities for the development of the cryptocurrency industry in Brazil and worldwide, which includes the regulation of the segment.

In addition, he said that Brazil is an extremely relevant market for Binance and that it will continue to invest and expand services for local users, as well as contribute to the development of the blockchain and crypto ecosystem in the country. This includes the regulation of the sector.

“We support regulation of the industry, globally and also in Brazil, as well as unreservedly support the concept of regulation, especially with regard to curbing money laundering and financial illicit crimes, and have been in constant dialogue with regulators and local authorities to contribute to this process. Binance is fully committed to compliance and believes that regulation is the only way for the crypto industry to develop and reach the general public,” he said.

InvestSmart XP

William Lee, Head of Crypto at InvestSmart XP, said that with the intense popularity that crypto-activities have been gaining, the regulation of these digital assets by governments has become an increasingly important agenda on the international scene.


“At the national level, since the inauguration of the new president of the CVM, João Pedro Barroso, the regulatory agency intends to adopt a “non-evasive” approach to crypto-actives, with the objective of providing greater security and support in the development of this market,” he said.

According to him, there is not much information yet on how the CVM will define such criteria. We have, as a possible north, the “Howie Test”, in which the SEC (United States Securities and Exchange Commission) evaluates whether a given crypto-asset is a security or not.

“A breakthrough in the regulatory process in the cryptoactive market creates more security for investors, and this would enable an increase in institutional investment in this market. On the other hand, there are still challenges in how the securities regulators will define what is a security in an efficient way, because usually these authorities deal with companies, not digital assets,” he said.

Therefore, according to him, in general, the market awaits with optimism the advance in the regulation process led by the CVM.

“Bringing more security and transparency may attract new investors, developing even more this segment, besides the control of fraud prevention, money laundering and other illicit activities that occur in this market,” he said.

Free Market

Mercado Livre told Cointelegraph that it remains attentive to regulatory movements in Brazil and other markets where it operates, always open to dialogue and collaboration with regulators, seeking to contribute to the promotion of an innovation environment accessible to all of society.

“In this context, we see the evolution of cryptos as a valuable element to simplify operations, connect and promote the financial development of staff,” he said.


Karen Duque, Head of Policy at Bitso, said that CVM’s orientation will play a fundamental role in clarifying to the market the entity’s vision on the subject, and because it is a subject still under discussion and of diversified understanding, materials such as those CVM is building are essential for the sector to understand how to act.

“CVM is in constant dialogue with the private sector about the theme, and the cooperation between the public and the private sector is fundamental in order to build understandings and efficient structures from the regulatory and inspection point of view, and that at the same time foster innovation and allow the expansion of new business models,” he said.

Karen Duque, also points out that orientative materials are always welcome and that the cryptoeconomy needs more clarification about the regulators’ view on the subject.

“The CVM guide will play a fundamental educational role and complementary to strict regulatory frameworks such as laws and resolutions. Bitso works closely with the regulatory bodies of the markets where it operates, and has been following closely the discussions about a new regulatory framework for the cryptocurrency sector in Brazil. We believe that guidance materials like this one to be presented by CVM have an important role in protecting users and companies operating in the country and educating about the topic,” he said.

MCZ Advocacy

Emilia Campos, from MCZ Advocacia, understands that the CVM does not need to wait for the Bill to be approved to act within its competence, since the text itself excludes this matter from the new regulation.

“It is essential that CVM acts within its competence, protecting the interests of investors and creating clear and, above all, objective rules on this theme, starting, for example, with the implementation of the IOSCO Recommendations for platforms trading digital assets,” he says.

Institute for Prevention and Combating Money Laundering

Bernardo Mota, President of the Institute for the Prevention and Combat of Money Laundering and Terrorist Financing (IPLD), points out that this orientation can to some extent confuse the market, which is very much molded to the regulator’s rules.

“If the regulator comes up with a new regulation treating crypto-assets only as securities and tomorrow the Bill becomes law that starts defining crypto-assets in several ways beyond securities, but also as means of payment, receivable, property, financial product or currency, the CVM there is going to have to revise exactly what it ended up doing before the law passed,” he said.

Therefore, for him, confusing the market is in the sense that he can issue a rule now and tomorrow have to change it due to the new law.

“The CVM’s decision is hasty, as it may confuse the market. But on the other hand, one can imagine that the CVM, being aware of the PL as far as securities are concerned, wants to anticipate and already leave its draft rule ready for when the PL is approved, looking at it from another angle”, he said.

He also says that the CVM should ideally wait for the PL to be approved.

“I don’t know if she is just going to draft a standard or if she is already going to edit the standard. There are several variables that we are not taking into consideration. So, the CVM’s precipitation that I evaluate is that it is already doing something about a law that doesn’t exist yet. It’s a bit of a rush through the stages, unless they take and elaborate a text under public consultation and as soon as the law comes out, they publish it the next day”, he declared.

He also affirms that companies in Brazil are anxiously awaiting the approval of the Bill exactly in order to operate in the market, which will be duly defined, regularized, and solidified from the norm’s point of view.

“So, I think the expectation is very high, the companies think nothing more than that this bill be approved as soon as possible so that they can operate within the legality provided by the law, and obviously this legality given by the law allows the regulator and the supervisor to also direct their regulations in a much more objective and adequate way,” he finished.

Nousi Finance

For Andrey Nousi, founder of Nousi Finance, it is still necessary to wait more to know exactly what the CVM will suggest.

“Given that a security would enter the CVM framework, how would they do this regulation? For example, if they determine that Ether is a security, in order to have distribution in Brazil it would need to be in accordance with CVM regulations. But how would this be done in practice. Would the Ethereum Foundation need to have representation in Brazil? And if not, would it be forbidden to sell Ether to Brazilians? Something that would be impossible. It seems a bit complicated to me. So we need to wait for more details about what this is all about,” he said.


Bernardo Schucman, senior vice president of CleanSpark’s digital currencies division, meanwhile, points out that the CVM’s willingness to issue guidelines for the cryptoactive market is very bad, as Brazil historically has a tradition of confusing rather than clarifying when it comes to legislation.

“Once again we are following closely discussions between the chamber and CVM that are by tradition discussions that hinder and delay the regulatory processes in Brazil. These latest moves by the CVM are unfavorable to the clear regulation of the cryptoeconomy in Brazil and will undoubtedly slow down investments in the sector until a clear regulation for the sector is implemented by the legislature,” he says.


Guilherme Nigri, COO of W3Block, is more optimistic and points out that the CVM has the competence to regulate on matters related to securities. he says that blockchain technology, whether cryptocurrencies or NFTs, can be used for good or for bad.

“Regulation if done in the right way helps the market. In this sense, protecting the investor is super important even for the growth of the use of cryptocurrencies and blockchain technologies. The problem is that the promise of quick and high gains attracts people who may be vulnerable to scams. In this sense, the definition and regulation by CVM of what is considered a security and subject to regulation and the requirements for fundraising through collective investments will be positive and will bring more predictability,” he said.

VBSO Lawyers

Erik Oioli, partner at VBSO Advogados, says that the PL currently being processed in the chamber expressly excludes from its discipline the virtual assets that have the nature of securities, precisely because assets with these characteristics are already under the competence of the CVM, under the terms of Law n. 6.385/76.

He also says that a publication of guidelines by the CVM will not necessarily hamper the market, but it could if the autarchy is too conservative in its interpretation of what a “security token” is, limiting the distribution of certain assets.

“One of the biggest challenges in structuring virtual assets with the characteristics of securities is that, by legal requirement, their public offering needs to be registered by the CVM. The problem is not the registration itself, but the fact that the current legislation to some extent has requirements that are incompatible with the operation of blockchain, such as the requirement of centralized deposit of assets, as well as certain rules that limit the secondary market of such assets,” he said.

Titanium Asset

Lucas Minchillo, analyst at Titanium Asset, pointed out that the CVM is absolutely right in not waiting for the Chamber and taking the lead in regulating cryptocurrency securities investments.

“Regarding the CVM’s imminent set of rules, which will be published at any moment, companies in the crypto sector expect that the authority will adopt a more objective stance regarding the definition of the incidence of tokens as movable assets or not, i.e., those that will be governed by its rules or by the eventual rules of the PL. As for companies that do not yet operate in the sector, but have an interest, it is certain that both the PL 4.401/2021 and the imminent set of CVM rules will be water divisors to better understand the incipient legal framework of the crypto sector in the country”, he said.

Quantzed Cryptos

Felipe Medeiros, cryptocurrency analyst and partner at Quantzed Criptos, also points out that the CVM gets it right by getting ahead of the Chamber.

“When we talk about legislation in Brazil, we know that the legislative is very bureaucratic and there are some points that the CVM can and should achieve without the need for legislation in Brasilia, and there are some rules that can and should be applied. So the CVM gets it right, we just have to see how far it goes”, he highlighted.

He says that CVM should go more into consumer protection in avoiding offering derivatives futures contracts that already exist in Brazil today. So, according to him, this should more directly affect the investor and not the price of the assets.

“I think that the investor needs to keep an eye on his custody so as not to have major stresses. Companies in Brazil are very incipient. Even when we talk about the crypto market in general, the startups that develop technology projects are very small, there is no company in Brazil that is relevant globally speaking close to the crypto market. So this is starting now, the biggest ones are exchanges like Mercado Bitcoin which in a way benefits because it is closer to the regulator than its competitors which are Binance and FTX for example,” he said.

Ogawa, Lazzerotti and Baraldi Advogados,

Luciano Martins Ogawa, partner lawyer of Ogawa, Lazzerotti e Baraldi Advogados, points out that this orientation can get in the way if it is not specific or allows exceptions to exist.

He points out that since the crypto market is intended to unbureaucratize operations and democratize access to products that are unattainable for most of the public, an overly restrictive standard does not seem appropriate without mechanisms for discussion.

“The concept of security is in Law 6.385/76. It is not necessary for CVM to wait for the House bill. I believe that, with prior public consultation, it is right to move forward with the regulation. Brazilian companies want and support regulation of the cryptoactive market. Those who benefit from the lack of regulation are the international exchanges, which operate like real pirates in Brazil, ignoring rules under the argument that they don’t operate in the country,” he said.


Cássio Krupinsk, BlockBR‘s CEO, says that the market cannot be decided for its future by the opinions of people who have no idea what they are talking about. According to him, CVM knows, receives projects, approves them, and tests them to understand the whole process and how the market will grow in the next years in an efficient and safer way.

“Yes, the CVM is right, because the blockchain market doesn’t wait. It is another speed. BlockBR is very happy with this movement. It will only foster and accelerate, not only our projects, but also accelerate a new market culture,” he said.

KATE Capital

Vinicius Giglio, CEO of KATE Capital, has stated that a guidance, whether from a regulatory body or legislative body, will directly affect the market, however, he states that it is difficult to pinpoint which part of the vast blockchain market the CVM intends to address with its guidance.

“As we are talking about the Securities and Exchange Commission, we understand that the guidance may try to regulate Security Tokens, i.e., Tokens of securitized Assets, such as shares and private debt securities. We must understand whether the CVM is exceeding its powers or not. If the guidance is in line with the SEC, where only those that meet the Howey Test are considered Security Tokens, we understand that the CVM is in line with the international understanding,” he said.

Giglio also said that the orientation will have to be thought out for each use of the tokens, because we have Security Tokens backed by shares, for example, and that may have a different treatment from the shares that are currently concentrated at B3.

“This may even allow more companies to have access to the capital market, if the Company is a publicly traded Company, or even an integration and reduction of bureaucracy with the electronic registration of negotiations, as foreseen in the Startups Framework, if it is a Private Company. We only hope that such an orientation will promote the Brazilian capital market even more”, he declared.

Yaak Studio

Marina Perelló, COO at Yaak Studio, stated that the CVM’s guidance opinion is intended as a recommendation and general directives, serving more to clarify the context of cryptoactive use, rather than to create punishments. There is no conflict with PL 4401/2021, because the document does not yet have a regulatory character.

She also states that these guidelines can serve as a guide for how companies can take care of their digital assets in the accounting field. He also states that today, the declaration of crypto-assets is still a difficulty for both companies and individuals.

“We can evaluate this opinion in a very favorable light: the regulated market and the transparency of information decrease the risk of cryptoactive operations, money laundering, and pyramid schemes, thus strengthening serious companies and projects,” he points out.

QR Asset Management

Alexandre Ludolf, chief investment officer at QR Asset Management, also points out that the CVM’s track record with crypto has been very consistent with direction to bring more clarity to the market and decrease points of divergence.

He also states that the PL is stalled in congress and with the perception that on the eve of presidential elections, it is unlikely that this matter will move forward in a swift manner.

“I believe that the new president of the CVM is guided by what is already happening in the chamber, so it should work as a form of pressure from the largest autarchy, even because the Brazilian companies are anxious for this PL to be approved,” he said.

According to him, the unregulated market likes the ‘status quo’ and they think they don’t need additional regulation.

“We don’t share this vision, we understand that investors need protection and the regulation will take this market out of the gray zone, which will further promote the adoption of this asset class,” he concluded.

Coin Cloud

Camilla Pensa Maceno Rocha, Coin Cloud Brazil’s Compliance and Data Protection Officer, says that from the investors’ point of view, she believes it will not hinder but help them in their financial education and to understand more about the cryptocurrency market

“I believe that it might be a hasty decision, considering that most probably the one that will regulate this market will be the BACEN. So, the rules may be different for BACEN and CVM. For the crypto sector, I understand that having to follow rules from different regulators can be quite complex, given that companies will have to make adaptations to their onboarding and money laundering prevention systems,” he said.


Arthur Ribeiro, CEO of Coinext, also points out that it is necessary to wait for the disclosure before stating whether the CVM’s position is good or bad for the market.

“We don’t know how this orientation from CVM will come, if it will be just an orientation or something stricter. But I believe that it will be positive to equalize the market between national players and those international players that take advantage of the lack of regulation to obtain advantages over the competition”, he stated.

According to him, this can help protect domestic investors in the cryptoactive market who currently have no one to turn to when they feel aggrieved on some of these platforms.

“Besides, the new president of the CVM has a very forward vision and he wants to innovate and leave his name in the history of the CVM, just like Campos Neto has been doing at the Central Bank. He is very open and knows the value of technology”, he said.


Paulo Aragão, co-founder of CriptoFácil, says it is necessary to wait for the release of the guidelines before saying whether they will be restrictive or not for the development of the sector.

However, he says that the CVM’s position is welcome as it will bring more regulatory clarity on what is or is not a security and how this sector can be developed using blockchain.

“The CVM is very attentive to the crypto market and has already launched important initiatives such as the regulatory sandbox and the multilateral group that discusses crypto and blockchain in the autarchy. I believe there will be no negative surprises and that we will have an efficient regulatory framework,” he said.


Rocelo Lopes, Smartpay‘s CEO, said that he thinks it is important for CVM to publish these guidelines so that it is clear what the CVM understands about the products and types of token that can be offered in Brazil by companies that come to operate in Brazil. However, according to him, this is still far from what startups need.

“The big challenge for the CVM will be how to deal with DAOs (Autonomous Organizations) where there is no company registration, no country of registration or responsible party, but a group of tokens that decide by voting what to do. And to make it even more complex we have the Stake Pools and Liquidity Pools associated with DAOs. But what I am most curious is to know what will be the understanding of CVM with currencies that pay stake to put the user leave in the portfolio, such as Ethereum, for example,” he said.

He points out that in theory if a user is buying Ethereum and saving it for dividends this type of investment would need CVM authorization, i.e. CVM would need to create rules for an asset that has no regulation.

“It would be like the government taxing gambling,” he said.

Source: Cointelegraph

share this content

You might like it too