The president of the Central Bank, Roberto Campos Neto, said this Friday (12) that the concentration of custody and the risk of transactional concentration are among his concerns in the regulation of the crypto-assets market in Brazil.
“I have a great concern with the concentration of custody. Today, we have 80% of crypto-assets in custody at more or less in four companies,” he said.
“I am also concerned about the risk of transactional concentration, which is that you have one or two platforms with 20%, 30% of the market. money,” continued Campos Neto at an event on the future of cryptocurrency regulation in Brazil, in Brasília.
The president of the Central Bank considers that “maybe it is a mistake” for the regulator to “enter with a heavy hand” in the regulation of crypto-assets and says that Brazil must follow a different path from other countries. For him, the arguments for this “are not good”.
“I participate in the forums, [ouço que] we have to regulate this very strongly because people have lost a lot of money now. First, this is not quite true. It’s true that there was a big drop in value”, he exemplified.
For Campos Neto, transparency will be “key” in the process, whether in the way crypto-assets are traded, created and transacted. According to him, this will be the path of regulation that will be carried out in Brazil.
The bill that imposes rules on the cryptocurrency market was symbolically approved in April in the Senate and awaits analysis in the Chamber of Deputies, before going to the sanction of President Jair Bolsonaro (PL).
In July, Deputy Expedito Netto (PSD-RO), rapporteur of the proposal in the Chamber, presented an opinion rejecting the main changes approved by the Senate. Plenary voting can be delayed after the elections.
The proposal has been called by some parliamentarians as a “regulatory framework for cryptocurrencies”, for establishing guidelines for financial operations carried out with cryptoassets in the national territory.
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