The Securities and Exchange Commission (CVM) published the Guidance Opinion 40 that consolidates the understanding of the rules applicable to crypto assets that are considered securities. The Securities and Exchange Commission (CVM) published the Guidance Opinion 40 that consolidates the understanding of the rules applicable to crypto assets that are considered securities.

CVM is aware of the global cryptoactive market and regulations around the world. The entity mentions that it can regulate the market if it deems it necessary.

The document also proposes limits to the regulator's action and indicates possible ways to regulate, inspect, monitor and sanction market agents.

“The opinion is a recommendation and market orientation, with the aim of guaranteeing greater predictability and security for all, in addition to contributing to the protection of investors and popular savings, as well as promoting a favorable environment for the development of the economy. crypto, with integrity and adherence to the relevant constitutional and legal principles”, says the president of the CVM, João Pedro Nascimento.

With the opinion, the CVM seeks greater transparency in relation to cryptos, in addition to assessing the information disclosure regime.

Nascimento highlights that the municipality has followed and participated in various discussions on the current demand for regulation of cryptocurrencies in Brazil, including Bill 4401, which is pending in the Legislative. If approved by the Chamber of Deputies, the next step is the presidential sanction.

Municipalities focus on the global situation and recognize that the regulation of crypto assets is a cross-border challenge that requires guidance. Therefore, you are interested in providing information on the Brazilian capital market.

Characterization of cryptoassets as securities

Although crypto assets are not expressly included among the values mentioned in the articles of art. 2 of Law 6,385, Guidance Opinion 40 indicates that market agents must analyze the characteristics of each cryptoactive, in order to determine if it is a security.

The CVM concludes the document saying that "it will continue to deepen the study and analysis of the subject and its application to the capital market, being able, if necessary and appropriate, to regulate this new market, even in light of its experience." with the Normative Sandbox”.

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