#CryptoRegulation The regulation of financial assets in Brazil is a broad and constantly evolving topic, covering different types of assets such as securities, virtual assets (crypto assets), investment funds, and financial instruments in general. Below, I present a concise and updated overview based on the information available until May 15, 2025, highlighting the main regulatory points in Brazil:
### 1. **Virtual Assets (Crypto Assets)**
- **Law No. 14.478/2022**: Defines virtual assets as digital representations of value that can be traded or transferred by electronic means, used for payments or investments. It excludes national/foreign currencies, electronic money, loyalty program points, and already regulated securities.[](https://vbso.com.br/banco-central-consulta-publica-ativos-virtuais/)[](https://gsga.com.br/aprovada-regulamentacao-de-ativos-virtuais/)
- **Decree No. 11.563/2023**: Establishes the Central Bank of Brazil (BCB) as the regulator of virtual asset service providers (PSAVs), while the Securities and Exchange Commission (CVM) retains competence over tokens that are securities.[](https://www.gov.br/cvm/pt-br/assuntos/noticias/2023/publicado-decreto-sobre-ativos-virtuais)
- **BCB Public Consultations (109/2024 and 110/2024)**: Recent proposals from the BCB aim to regulate the operation and authorization of PSAVs, defining activities such as intermediation, custody, and administration of virtual assets. Commercial, investment, multiple banks, and the Federal Savings Bank can act as intermediaries or custodians, as well as brokers and distributors operating payment accounts. NFTs and tokens of movable/immovable goods were excluded from this regulation.[](https://vbso.com.br/banco-central-consulta-publica-ativos-virtuais/)[](https://chambers.com/articles/banco-central-abre-consultas-p%25C3%25BAblicas-para-regulamentar-prestadoras-de-servi%25C3%25A7os-de-ativos-virtuais)
- **Risks and Challenges**: The CVM warns of risks such as fraud, financial pyramids, money laundering, and lack of governance in operations with crypto assets, especially in unregistered Initial Coin Offerings (ICOs). Tokens considered securities must comply with CVM regulations, such as CVM Instruction 400 for public offerings.[](https://www.gov.br/cvm/pt-br/assuntos/noticias/2017/initial-coin-offerings--icos--88b47653f11b4a78a276877f6d877c04)
### 2. **Securities**
- **CVM's Competence**: The CVM regulates securities, including those represented digitally (tokens). Public offerings of tokens that qualify as securities require registration and must follow rules such as CVM Instruction 505 (intermediation) and CVM Instruction 400 (prospectus).[](https://www.gov.br/cvm/pt-br/assuntos/noticias/2017/initial-coin-offerings--icos--88b47653f11b4a78a276877f6d877c04)[](https://www.gov.br/cvm/pt-br/assuntos/noticias/2023/publicado-decreto-sobre-ativos-virtuais)
- **Regulatory Sandbox**: The CVM approved experimental projects for the issuance and trading of tokenized securities, aiming to create regulations more adapted to these assets.[](https://www.gov.br/cvm/pt-br/assuntos/noticias/2023/publicado-decreto-sobre-ativos-virtuais)
- **Public Offerings and ICOs**: Unlike the "white papers" used in ICOs, prospectuses for public offerings regulated by the CVM require standardized information, independent audits, and due diligence to protect investors.[](https://www.gov.br/cvm/pt-br/assuntos/noticias/2017/initial-coin-offerings--icos--88b47653f11b4a78a276877f6d877c04)
### 3. **Investment Funds**
- **CVM Resolution 175/2022**: Updated the regulatory framework for investment funds, allowing greater flexibility, such as investing up to 100% of assets in financial assets abroad for funds aimed at the general public, under certain conditions. It also modernized Credit Rights Investment Funds (FIDCs) for retail investors, requiring registration of credit rights and the manager's responsibility for structuring.[](https://quantumfinance.com.br/cvm-novas-regras-para-fundos-de-investimentos/)
- **CMVM Regulation No. 7/2023 (Portugal)**: Although not directly applicable to Brazil, it reflects global trends by consolidating rules for collective investment organizations (OICs), promoting transparency and investor protection. In Brazil, the CVM follows similar principles.[](https://abreuadvogados.com/conhecimento/publicacoes/regulamentacao-do-regime-de-gestao-de-ativos-regulamento-da-cmvm-no-7-2023/)[](https://abreuadvogados.com/en/conhecimento/publicacoes/regulamentacao-do-regime-de-gestao-de-ativos-regulamento-da-cmvm-no-7-2023/)
### 4. **Financial Instruments**
- **CMN Resolution 4.966/2021**: Aligns Brazilian accounting standards with the international IFRS 9 standard, establishing new rules for measurement and provisioning of financial instruments, such as doubtful receivables. Financial institutions must adapt accounting policies and systems by 2025.[](https://valor.globo.com/patrocinado/deloitte/impacting-the-future/noticia/2022/07/06/instituicoes-terao-novas-regras-de-mensuracao-e-divulgacao-de-instrumentos-financeiros.ghtml)
- **CPC Pronouncements**: Standards such as CPC 38, 39, and 48 regulate the recognition, measurement, and disclosure of financial instruments, including derivatives and transactions with share-based payments.[](https://www3.bcb.gov.br/aplica/cosif/manual/09021771869a1a15.htm)[](https://www3.bcb.gov.br/aplica/cosif/manual/09021771869a1a34.htm)
### 5. **Financial Market Infrastructures (FMIs)**
- **Bill (2023)**: Sent to Congress, seeks to modernize the legal framework of FMIs, assigning the BCB the regulation of systemic issues and the CVM the supervision of FMIs that operate with securities. The proposal aims for greater legal security and efficiency, reducing intermediation costs.[](https://www.gov.br/fazenda/pt-br/assuntos/noticias/2023/junho/projeto-de-lei-que-aprimora-regulacao-das-infraestruturas-do-mercado-financeiro-e-encaminhado-ao-congresso)
### 6. **Challenges and Perspectives**
- **Tokenization**: The tokenization of assets (real estate, artworks, stocks) via blockchain is on the rise but faces barriers such as lack of clear regulation and technical complexity. The development of the Digital Real by the BCB may boost this market.[](https://www.progresso.com.br/tecnologia/tokenizacao-de-ativos-como-o-blockchain-esta-mudando-o-mercado/441398/)
- **Education and Legal Security**: The lack of knowledge about blockchain and decentralized finance is an obstacle. Regulation should balance innovation with investor protection, avoiding fraud and ensuring transparency.[](https://www.progresso.com.br/tecnologia/tokenizacao-de-ativos-como-o-blockchain-esta-mudando-o-mercado/441398/)
- **International Trends**: Countries like the United Kingdom, Singapore, and the European Union have already implemented clear regulations for crypto assets, while the US is discussing proposals like the GENIUS Act. Brazil is following these trends, but the regulation of virtual assets is still in the public consultation phase.
### Conclusion
The regulation of assets in Brazil is advancing, with the BCB and the CVM playing complementary roles. The BCB focuses on virtual assets and financial stability, while the CVM regulates securities and protects investors. Recent public consultations (109/2024 and 110/2024) and the modernization of accounting and investment fund standards reflect efforts to align Brazil with international standards, promoting innovation and security. However, challenges such as legal insecurity and the need for financial education persist, especially in the context of crypto assets and tokenization.
If you want more detailed information about a specific aspect (e.g., crypto assets, investment funds, or accounting standards), please specify!