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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.