Brazilian Securities Commission Should Pay 'Special Attention' to Crypto Assets, Director Nominee Says

Nominated by President Jair Bolsonaro, he received approval from the Senate's Economic Affairs Commission.

AccessTimeIconJul 6, 2021 at 10:08 p.m. UTC
Updated Sep 14, 2021 at 1:21 p.m. UTC
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The Brazilian Securities Commission (CVM) should pay "special attention" to crypto activities, director-nominee Otto Eduardo Fonseca de Albuquerque Lobo said on Monday. 

  • Fonseca Lobo was nominated by President Jair Bolsonaro for the CVM board in June. His application was approved by the Economic Affairs Commission (CAEO) of the Federal Senate on Monday, according to Poder 360
  • "One point that deserves special attention concerns crypto-activities, which have no regulation in the country. In any case, this year the CVM authorized the trading of [exchange-traded funds], index funds, of crypto assets’ securities in Brazil," Fonseca Lobo said during a conference before senators. 
  • Fonseca Lobo did not give further details on how he intends to deal with crypto assets, but he said that issues such as a proposal for new regulation of public offerings, a new regulation for investment funds, an ESG agenda and communication on corporate demands are of "greatest relevance in the CVM's regulatory agenda."
  • In addition to Fonseca Lobo, CAE also approved Fernando Caio Galdi to assume the role of director of CVM, the Senate announced. Both names will be discussed in plenary.


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