The Brazil’s Securities Commission approved the inclusion of crypto assets among investment funds’ holdings on Friday. Assets must adhere to existing standards, which were authorized this week by the country’s outgoing president, Jair Bolsonaro.
The regulator noted in a statement that the decision wants to allow funds to operate in the crypto segment while paying attention to rules linked to asset integrity and ownership. To be included in fund portfolios, crypto assets must meet a set of requirements outlined in a new regulatory framework established in a bill signed by outgoing President Jair Bolsonaro on Thursday.
The new law specifies that crypto assets may be included in a fund as long as they are traded in businesses approved by either the Central Bank of Brazil or the Brazil’s Securities Commission, or – in the case of operations overseas – by a local supervisor.
Given the delay in approving the legal framework, the Brazil’s Securities Commission had previously published a market advice opinion on the crypto sector in October. Although crypto assets are not officially listed as securities in the document, market agents must assess the features of each crypto asset to determine whether it is a security.
The tokenization of assets, according to the ruling, is not subject to prior approval or registration by the CVM. However, token issuers and public offerings will be regulated, as will the management of an organized market.
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