On March 11, the cryptocurrency industry was shaken by a news: the Bitcoin market (MB), the largest national exchange, received a stop order (suspension order) Securities Commission (CVM) because of the offer of 11 tokens which, according to the regulator, were securities and needed prior authorization to be offered. The daily fine in case of non -compliance was $ 100,000.
The following week, however, the decision was revoked – an unusual outcome that surprised the market. In a statement published on March 25, members of the CVM collegiate explained that unanimously accepted an appeal by Crypto brokerage, reversing the previous measure and relieving the tension among those involved.
“Unanimously, pursuant to the votes presented, the Board (i) decided on the knowledge and provision of the appeal, in order to revoke CVM deliberation No. 896/2025, reforming the decision that had determined that Bitcoin Market Digital Services Ltda., As well as all its partners, responsible, administrators and agrees, suspending offers of collective investment services in Brazil, under Brazil of a daily fine ”.
But the short way to this resolution was marked by tension and hard work.
48 hours in one day
After being notified, Exchange suspended two days later the negotiations of the assets in question – which only represented 2% of the total volume of transactions between the 380 tokens available on the platform. In parallel, MB’s legal and regulatory team has led to the grounds of the decision.
“These were 48 hours each and many people working to build this feature with the necessary grounds, with the explanations to have the decision to reversing,” said Bitcoin Market CEO Reinaldo Rabelo, in an interview conducted during the South Summit Brazil, Innovation event that takes place in Porto Alegre (RS) until this Friday (11).
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In short, the MB claimed that the resolution of the municipality did not allow to identify whether the determination must effectively be complied with and that there was no proper notification. Exchange also said that the tokens mentioned by the regulator do not refer to a collective investment, because “[não haveria] Union of resources formed by the contributions of each investor for a single venture or project or a link between investors directly related to the entrepreneur’s efforts or their resources themselves ”, and were created before the regulations.
We gone from 2020
This whole story began in July 2020, when the Bitcoin market consulted the CVM about the classification of one of its digital assets, Vasco Token (MBVASCO01) as a collective investment contract. In less than three months, the CVM Market and Intermediate Relations Superintendence (SMI), according to the broker, concluded that the asset did not fit this category, allowing not only the offer of it, but also of the other 11 tokens later suspended. This decision served as the basis for tokenization in Brazil in the following years.
Since then, the regulatory scenario has changed. From 2022, the CVM began to review its position, signaling that tokens like these could approach securitization models, which would require a new regulatory treatment. New standards and guidelines were published, such as CVM 88 resolution, focused on crowdfunding, and circular offices – such as the number 4 and 8, 2023 – directed to the tokenization market.
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The 11 tokens cited in order were launched before 2023 and all these changes, being available only in the secondary market. Exchange even went to CVM to suggest a coordinated transition with the new understanding, but did not get an answer – until it received the suspension order last month. The company, however, recognizes the regulator’s work and said it works together with its members to further promote the tokens market in Brazil.
“We always saw CVM as a regulator interested in creating an environment of innovation, the development of the capital market through tokenization. Because of this, we always maintained a constant dialogue with CVM. So it was not exactly a new understanding, so we managed to build our resource,” explained the CEO.
What does the CVM say?
Contacted, the CVM sent the extract of the board meeting. In short, the board decided to revoke Stop Order. Director Otto Lobo, for example, said, “Recognize the formal nullity of Stop Order, as it is placed vaguely, which made it impossible for the correct orientation of the market and investors, even failing to inform its recipient about the activity that should be ceased and causing confusion in the market and investors, which did not allow the applicant to comply.
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However, the regulator determined the return of the process to the Supervision of Strategic Risk Supervision (SSR) for the appropriate steps to deepen the analysis of the facts.
High tokenization
Last year, according to CVM data, offers started and closed via crowdfunding (resolution 88) reached the volume of $ 1.1 billion, triple the amount recorded in 2023. In the world, according to Ripple report in partnership with Boston Consulting Group, the real tokenized active market should jump from the current US $ 600 billion to $ 18.9 trillion by 2033.
The journalist traveled to Porto Alegre at the invitation of MB Startups.
