Skip to main content

No Crypto Investments Allowed

The Securities and Exchange Commission of Brazil (CVM) on Friday issued a circular addressed to all officers responsible for the administration and management of investment funds in the country.
It states that direct acquisitions of cryptocurrencies by investment funds “are not allowed.” Reuters elaborated: “Cryptocurrencies cannot be considered financial assets, regulator CVM ruled, in effect barring funds from investing directly in assets such as bitcoin.”
Furthermore, local funds interested in investing in cryptocurrencies indirectly by taking a stake in foreign funds should await further clarification from the regulator. The circular reads:
We consider it appropriate for managers and investment funds to await further and more conclusive manifestation of this oversight on the subject to structure the indirect investment in cryptocurrencies as described, or even in other alternative forms that seek this kind of exposure to risk.

Crypto Regulation Being Discussed

The Brazilian Chamber of Deputies established a special committee in May of last year to discuss the regulation of cryptocurrencies including bitcoin. Seven public hearings were held in the second half of 2017 to debate this topic.
In December, the CVM and the Central Bank of Brazil published a joint statement warning about the risks associated with cryptocurrencies.
Brazil Regulator Prohibits Funds from Investing in CryptocurrenciesIn the same month, “House Representative Expedito Netto made formal recommendations that would essentially ban bitcoin from being traded, created, held for third parties, or exchanged for fiat currency unless legal permission is granted,” Value Walk described. While recommending a penalty of 1-6 months’ jail time or a fine for violations, Netto did not clarify what “permission” mean.
At the December public hearing held at the Chamber of Deputies, the executive manager of Banco do Brasil’s Digital Affairs Directorate, Jonatas Ramalho, defendedthe creation of rules that would allow a more favorable environment for the use of cryptocurrencies. According to him, “The regulation of bitcoin and similar [assets] could open the way for banks to offer products and services aimed at cryptocurrencies.”

Comments

Popular posts from this blog

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED   17 COMMENTS    23472 VIEWS Bermuda Triangle Mystery Solved? Scientists believe they’ve solved the mystery of the Bermuda Triangle ― and it’s not UFOs or sea monsters. It’s another kind of monster: monster waves. The Bermuda Triangle, also known as the Devil’s Triangle, is a region in the North Atlantic that is generally bounded by Miami, Bermuda and Puerto Rico. Over time, a number of aircraft and ships are said to have disappeared there under mysterious circumstances. According to “The Bermuda Triangle Enigma” on Britain’s Channel 5, scientists now believe conditions in that area were just right for massive rogue waves. “There are storms to the south and north, which come together,” said University of Southampton oceanographer Simon Boxall, per the Sun. “And if there are additional ones from Florida, it can be a potentially deadly formation of rogue waves.” Boxall said these rogue waves could reach 100 fee...

EZeugo Is the Right Candidate For Idemili North Constituency.

A sound mind is a healthy body, unfortunately most of our people suffer from various diseases as a result of their life style,water the drink, type of food the eat (poor dieting) and drugs abuse which in return leads to many complications in the later stages of their lives. Majority of our people over the age of fourty  suffer from specific health problems E.g heart diseases, advanced diabetes, blood pressure (BP). In my view the issue of health is not limited to health services, health is a specific culture that can be attened by harmonizing body and mind. To reach this health conditions, in addition to a good healthy services, base on my background in Health and Environmental Safety (HES) I Ezeugo have a good health investment programs that will help improve following area - health education, Custom and traditions, food and environmental hygiene, sports, provisions of safe drinking water, public awareness in various aspects of life. Ezeugo have all it take to make Idemili...

The Satoshi Revolution – Chapter 5: ICOs

The Satoshi Revolution: A Revolution of Rising Expectations. Section 2 : The Moral Imperative of Privacy Chapter 5: Implementing Crypto Privacy by Wendy McElroy ICOs: Peril or Menace or Expression of Satoshi Spirit? (Chapter 5, Part 2) It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way… – Charles Dickens, A Tale of Two Cities Crypto advocates differ dramatically on the impact of Initial Coin Offerings (ICOs). They are a valuable dynamic that financed Ethereum’s smart contract; they are a blank cheque for scammers; they give government a wedge with which to separate cryptocurrency from freedom. The damnable thing is that all the assessments may...