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Mercado Bitcoin Requested By Brazilian Regulator To Clarify Token Information

Mercado Bitcoin acknowledged receiving a request from Brazil’s securities and exchange (CVM) regulator linked to its fixed-income token sale, as reported by local news site Estado yesterday.
Mercado Bitcoin Requested By Brazilian Regulator To Clarify Token Information 4

The company said in a Portuguese-language statement:

“We do not carry out a public offering of securities outside the scope of the authorizations we have as an authorized crowdfunding and investment management platform.”

Mercado Bitcoin, which provides over 200 different types of digital assets to its over 3.8 million clients, had total transactions of more than 40 billion reais in 2021 (about $7.44 billion at today’s currency rate).

Mercado Bitcoin Requested By Brazilian Regulator To Clarify Token Information 5

“In relation to the so-called non-security tokens (tokens that do not represent securities), we take due care not to infringe on the scope of action of authorized entities, including consulting the regulator in advance about the structure used for such tokens, at the beginning of our operations in 2020″

The CVM did indicate that if it detects transactions involving prospective securities, it will request more information.

The CVM stated that it interacts with participants whenever required, particularly when it finds prospective transactions with potential securities characteristics, in order to request information for the proper work of facts analysis and suitable measures.

Mercado Bitcoin Requested By Brazilian Regulator To Clarify Token Information 6

The CVM is also developing a set of recommendations for crypto firms to properly orient themselves around securities standards, which these companies must still obey despite the lack of digital asset legislation in the nation.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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