Panel SA: Even competitors unite and send a letter to Lira asking for approval of a cryptocurrency law

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The Brazilian Federation of Banks (Febraban), the Brazilian Association of Cryptoeconomy (ABCripto) and four other entities representing 1,051 companies, including the giants Meta (Facebook), Microsoft and IBM, sent a joint letter to the president of the Chamber, Arthur Lira (PL), calling for the approval of the bill that regulates the cryptocurrency market.

In the document, obtained by the SA Panel, the signatories affirm that the proposal is fundamental for the development of the sector, preventing it from being used for money laundering and financial fraud.
The signatories point out that more than 6 million Brazilian investors have crypto-assets – more than individuals registered on the São Paulo Stock Exchange.

The bill has already been approved by the Senate and is ready to be voted on by the House of Representatives since June this year.

The final report, by Deputy Expedito Netto (PSD-RO), provides, among other points, that companies in the segment must formally settle in Brazil and be supervised by a federal agency. There is also the obligation to adopt procedures that prevent the practice of financial crimes.

“The regulatory framework has been discussed by Congress since 2015 and its text has matured at the same time as the market. The current report brings important advances, such as principles of prevention of money laundering and the fight against financial fraud”, says the letter.

The entities claim that the approval will be the first step towards more in-depth discussions of regulation, in charge of the Executive.

“There is a consensus in the market on the need for a balanced and thought-out regulation in order to increase the competitiveness of companies, allowing enough time for the broad science and adaptation to the new rules to be complied with by their operators. In other words, we understand that if its implementation is necessary, as soon as possible, including inspection mechanisms, to ensure the sector’s adequacy to the necessary regulations”, they write.

The letter says that a study commissioned by the Brazilian Association of Financial and Capital Markets Entities (Anbima) shows that 60% of Brazilians who know crypto assets consider it important to have policy proposals on the subject.

“In addition to its potential to attract investments, create new jobs and the development of new technologies linked to blockchain, the cryptoeconomy can help in the financial inclusion of thousands of Brazilians, facilitating payments for people and small businesses around the country and the world. world”, argue the entities.

In addition to representing unprecedented joint pressure, the document is surprising for uniting sectors that are traditionally competitors, such as banks and cryptocurrency brokers, in the same purpose.

In addition to Febraban, with 114 institutions, and ABCripto, which brings together 12 companies, they are signatories of the letter to Zetta (which includes 24 digital service providers, such as Nubank and Picpay); Brasscom, with 87 companies in the information technology and digital technologies sectors, including Meta, Microsoft and IBM; ABFintech, with 514 representatives from the fintech segment; and Abranet, which has another 300 members working in the internet business.

Julio Wiziack (interim) with Paulo Ricardo Martins and Diego Felix

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