In the land of samba and football, crypto now dances to the Central Bank's tune. Lula makes a move that could be a game-changer for Brazil's fintech sector.
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 regards to cryptocurrencies.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 to the United States’ Securities and Exchange Commission.was aiming to create a regulatory framework better attuned to the volume of crypto trades in the country as well as emerging markets.
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