The Central Bank put two regulatory proposals for the virtual assets market up for public consultation. The objective, according to the BC, is to guarantee a safe legal environment, in addition to the solidity, efficiency and regulation of companies providing virtual services and other institutions that make up this market.
It also covers aspects related to risks and vulnerabilities in the virtual asset market.
The first consultation, number 109, is about the proposed regulation of virtual asset services provided for in article 5 Law 14,478.
It deals with the functioning of these companies and which institutions authorized to operate by the BC will be able to provide these services, in addition to defining the fees that can be charged when providing services in this market.
This proposal envisages the creation of companies providing virtual asset services. They will be classified into three modalities. Virtual asset intermediaries will be responsible for intermediating the negotiation and distribution of virtual assets.
Virtual asset custodians must carry out custody of these assets. Virtual asset brokers will carry out both activities simultaneously.
“The minutes define aspects relating to the governance of these companies, the minimum limits of paid-in capital and net equity, in addition to general and specific obligations, depending on the modalities in which they operate”, said the BC.
The second proposal, number 110, regulates the authorization processes of these companies. There will be different treatment for entities operating in the virtual assets market until the normative acts come into force, due to a legal determination, according to the BC.
“Furthermore, due to similarity of activity, the process is consolidated with the regulation of the authorization of companies that operate in the foreign exchange and securities markets”, informed the authority.
Contributions to public consultations can be made until February 7, 2025.
The BC stated that it will publish by the end of 2024 a specific regulatory proposal on how companies providing virtual asset services will be able to operate in the Brazilian foreign exchange market.
