In particular, StableCoins are a class of interest to their own country to gain a significant slice of this segment. (Image: Medium/David Marcus)
You United States I still pity to pass a law related to the market of cryptocurrency. In particular, the stablecoins They are a class of interest to the country’s own to gain a significant slice of this segment.
Already here in Brazil, the story is a little different. Despite the regulation of the sector, a recent problem related to the stablecoins emerged.
These coins linked to real -world actives, whose most popular are those with ballast in dollar – And consequently, the most targeted by investors for it.
But a public consultation of the Central bank Brazilian can extinguish auto -confustia of this type of currency.
“Article 76-N of the text establishes the prohibition of the transmission of virtual assets called in foreign currency-such as StableCoins-for self-customer wallets,” explains Rodrigo Caldas de Carvalho Borges, Carvalho Borges Araujo Lawyers and founding member of Oxford Blockchain Foundation.
Borges explains that the main objective of this measure is to prevent currency evasion with the use of virtual currencies. “However,” he explains, “from a legal point of view, the prohibition of autocustomy represents a relevant inflection in the approach that until then was quite permissive, affecting fundamental rights such as the free disposal of property.”
Stablecoins in the global context
However, the Brazilian BC published a public consultation that proposes that the hiring of custodian in foreign jurisdiction is only allowed if the legislation and the regulation of the country are compatible with Brazilian law and if there is a current cooperation agreement between the regulatory authorities.
“This measure aims to ensure greater legal certainty and protection to investors, aligning with best international money laundering and terrorism financing practices,” says Borges.
However, he points out that this requirement may significantly limit jurisdiction options for custody that do not meet both criteria, given that few countries around the world have formal cryptocurrency regulation.
Self -regulation and self -confidence
Thus, industry entities such as the Abcrya Abtoken and the ABFINTECHS It proposes that custody can be carried out in any country whose legislation recognizes and regulates the custody activity of virtual assets, regardless of the existence of a formal cooperation agreement with the Central Bank.
The justification is that the requirement of formal agreements can generate unnecessary restrictions and compromise the competitiveness of the Brazilian crypto market. It is worth mentioning that these entities already practiced a “self -regulation” even before the Brazilian law.
Thus, Rodrigo Borges understands that the balance between regulatory safety and international competitiveness can be achieved through a risk -based approach. “This is recommended by international organizations, such as the Financial Stability Board (FSB) and the Financial Action Group (Gafi) ”, He explains.
“This implies establishing proportional requirements for the risk of activities, allowing flexibility for brokerages to choose custody jurisdictions that, although they do not have formal agreements with the Central Bank, have robust regulations and compatible with Brazilian standards.”
In addition, adopting international supervision and cooperation mechanisms can strengthen security without compromising global market integration.
Source: Moneytimes
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