You can see the rules and regulations in other jurisdictions.
According to BACEN, cryptocurrencies are not regarded as coins, therefore, they can not be considered to be “e-coins” that have already been identified as the virtual representation of fiat money. Bulletin No. 31,379 as of November, the 16th, 2017, says that any entity released an alert concerning risks of transactions with cryptocurrencies is to be regulated as per the legislation related to transactions made in foreign currencies and is subject for taxation according to the similar regulations. Brazilian authorities are also carry out tests in order to verify various blockchain techs under various conditions regarding these techs as an alternative scheme for transactions settlement and identity management.1
The scope of the CVM competence includes regulating the securities market, and it released a statement revealing its comprehension of ICOs. The authority pointed out that the legislation proposes a depiction for the concept of security and the parameters that could fit any asset into this concept. In case a token provides its holder with any right as laid down by the law, it might be regarded as security and the capital market provisions will be valid to its offer prospectus, distribution and other transactions. Eventually, apart from the enactments applicable for securities, CVM Rules No. 400 (public offerings), No. 476 (limited efforts public offerings) and No. 588 (crowdfunding), and others related to securities transactions, must be taken into account while carrying out an ICO process, and no matter whether the issuer is Brazilian resident or not. The CVM also declared that investment funds are prohibited to conduct direct cryptoasset transactions in Brazil. Nonetheless, in September 2018, the regulator legalized indirect investment in cryptoassets through the purchase of shares of funds and derivatives, among other assets traded in jurisdictions other than the Brazilian jurisdiction, provided that they are recognized as being regulated in the markets where such transactions are effected.2
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