COAF President reinforces that regulating cryptocurrencies is urgent By Cryptonizando

COAF President reinforces that regulating cryptocurrencies is urgent By Cryptonizando
COAF President reinforces that regulating cryptocurrencies is urgent By Cryptonizando

© Reuters. COAF President reinforces that regulating cryptocurrencies is urgent

Participating in the seminar promoted by the Brazilian Federation of Banks (Febraban), the chairman of the Financial Activities Control Council (COAF), Ricardo Liáo, emphasized that the cryptocurrency market needs to be regulated urgently.

The same argued that it is past time for Brazil to create rules for this market that, once unregulated, can be used for various crimes.

He also highlighted that cryptocurrencies are very important for the financial system, however, a set of rules are essential for them to integrate the economy once and for all.

The banking sector is ready to talk about cryptocurrencies in Brazil

Liáo stated that the Council is closely following the developments of PL 4401/22 (formerly 2303/15). This is the bill that sets the rules for the cryptocurrency market in our country.

Thus, he commented that he believed that the PL should be approved soon, suggesting that the topic return to the debate list and be approved later this year.

“It is a very high risk issue for all economies, given what we already know, it really is very risky, let’s put it this way, leaving this market even longer without an order, an organization, in order to function legitimately … there is an obligation on the part of the state to protect, let’s say, in some way, these investors”, he said.

In addition, the president of Febraban, Isaac Sidney, also spoke about the matter.

The same stated that the institution is also following the debates in the Chamber and pointed out that the banking sector is ready to debate the future of cryptocurrencies in Brazil.

The regulation is defended by entrepreneurs

Many entrepreneurs are looking forward to the regulation of cryptocurrencies in Brazil. One of them is Wiboo CEO Pedro Alexandre, who declared that regulation is necessary for cryptocurrencies to advance in our country.

He also highlighted that since the creation of , crypto assets have gone through several stages, from distrust to acceptance. So now it’s the regulation phase, something that will move the market forward.

“I believe that regulation will bring more order to operations. In addition, I think that all the proposals of the aforementioned PL that are being analyzed in the Chamber of Deputies may in advance seem unfavorable to Brazilian companies and organizations, but, if we analyze well, they accelerate the adaptations of both foreign and national organizations”, he said.

Finally, Pedro Alexandre emphasized that the crypto market is still very new and, therefore, if approved, the PL will certainly need to undergo several adjustments over time, following the maturing of the ecosystem.

“The fact is that regulation separates the chaff from the , providing transparency to the market and conditions for the entry of traditional institutions. Although all the rules by themselves do not prevent illegal activities, they can certainly hinder fraud, money laundering and even discourage the continuation of countless scams that today are only practiced due to the lack of laws to combat them”, he concludes.

By Cryptonizing

The article is in Portuguese

Tags: COAF President reinforces regulating cryptocurrencies urgent Cryptonizando

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