The new directive of the Brazilian securities watchdog, the CVM, is now demanding specific changes to the cryptocurrency bill pending discussion in Congress. The organization wants to correct a loophole in the current document in which some tokens would not be considered securities, including tokenized physical goods and carbon credits.
The Brazilian securities watchdog, the CVM, is pressing for changes in the cryptocurrency bill that will clarify how virtual assets will be treated in the country. The new directive of the organization has taken an active stance, different from the previous administration, which had not made any proposals regarding this bill.
Specifically, the CVM is asking for a change in the text that would allow certain digital assets such as carbon credits, court orders, and receivables to be structured in a blockchain but not to qualify as virtual assets according to the definition of the current cryptocurrency bill.
However, these new details have not been corrected, and according to proponents of the law, there would be no opportunity for the inclusion of this new correction. Deputy Expedito Netto, the rapporteur of the bill, told local media he was unaware of these details but that it was not possible to change the current text of the bill.
Senator Carlos Portinho believes that it would be better to start a new cryptocurrency bill from scratch. He stated:
The industry itself revised some concepts, so it preferred to sit down and start over. We have to exercise participatory democracy. Projects like this need to be debated to arrive at a more current text and with more legal certainty. If it is approved as it currently is, it will please few.
These differences between the proposers of the bill and the representatives of the Brazilian CVM might make the current cryptocurrency bill unsalvageable. However, there is a possibility that will allow the time and the effort that lawmakers have invested in this bill not to go to waste.
This possibility contemplates the current iteration of the bill being sanctioned by Congress, and the executive vetoing some parts of it, changing and defining by decree some of the specifics that have been criticized.
The final discussion of the cryptocurrency bill was slated to happen in August, but Congress is focused on the next general elections to happen in October. The last period in which this project can be discussed before the elections close this September.
What do you think about the thoughts of the Brazilian CVM on the yet-to-be-approved cryptocurrency bill? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons, T. Schneider, Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
The new directive of the Brazilian securities watchdog, the CVM, is now demanding specific changes to the cryptocurrency bill pending discussion in Congress. The organization wants to correct a loophole in the current document in which some tokens would not be considered securities, including tokenized physical goods and carbon credits.
The Brazilian securities watchdog, the CVM, is pressing for changes in the cryptocurrency bill that will clarify how virtual assets will be treated in the country. The new directive of the organization has taken an active stance, different from the previous administration, which had not made any proposals regarding this bill.
Specifically, the CVM is asking for a change in the text that would allow certain digital assets such as carbon credits, court orders, and receivables to be structured in a blockchain but not to qualify as virtual assets according to the definition of the current cryptocurrency bill.
However, these new details have not been corrected, and according to proponents of the law, there would be no opportunity for the inclusion of this new correction. Deputy Expedito Netto, the rapporteur of the bill, told local media he was unaware of these details but that it was not possible to change the current text of the bill.
Senator Carlos Portinho believes that it would be better to start a new cryptocurrency bill from scratch. He stated:
The industry itself revised some concepts, so it preferred to sit down and start over. We have to exercise participatory democracy. Projects like this need to be debated to arrive at a more current text and with more legal certainty. If it is approved as it currently is, it will please few.
These differences between the proposers of the bill and the representatives of the Brazilian CVM might make the current cryptocurrency bill unsalvageable. However, there is a possibility that will allow the time and the effort that lawmakers have invested in this bill not to go to waste.
This possibility contemplates the current iteration of the bill being sanctioned by Congress, and the executive vetoing some parts of it, changing and defining by decree some of the specifics that have been criticized.
The final discussion of the cryptocurrency bill was slated to happen in August, but Congress is focused on the next general elections to happen in October. The last period in which this project can be discussed before the elections close this September.
What do you think about the thoughts of the Brazilian CVM on the yet-to-be-approved cryptocurrency bill? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons, T. Schneider, Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Rap star Jay-Z, otherwise known as Shawn Carter, and Block CEO Jack Dorsey, recently airdropped bitcoin to members of the Bitcoin Academy in Brooklyn. Jay-Z’s mother, Gloria Carter explained in a statement that a myriad of residents from Brooklyn’s Bedford-Stuyvesant participated, and more than 350 people attended the crypto classes.
During the first week of June, Bitcoin.com News reported on Jack Dorsey and Jay-Z teaming up to launch the Bitcoin Academy in Brooklyn for residents of Marcy House. A report from Business Insider details that the academy’s classes saw hundreds of people. “Marcy residents showed up,” Jay-Z’s mother, Gloria Carter told the publication. “The over 350 people who attended The Bitcoin Academy classes let us know that this education is important to them—and that it matters,” she added.
The report further discussed the project with a Marcy House resident who participated in the classes. Furthermore, at the end of the courses, the residents from Bedford-Stuyvesant could enroll in a grant that gives each person $1,000 in bitcoin (BTC) sent to their Cashapp or Munn Wallet. The 12-week educational course was free exclusively to Brooklyn’s Marcy House residents. Marcy resident Mariela Regalado said that the academy reminded her of when she saw Jay-Z growing up in the neighborhood.
“I remember when I was younger, growing up in the project, [Jay-Z] and his team would come and give us toys and things like that,” Regalado told Business Insider. “My friends and I would call it this kind of ‘hood philanthropy,’ — So for me, this is kind of like an evolution of that.” Regalado further detailed that the academy offered free daycare for her daughter, and as a single mother she was able to attend the courses. Regalado added:
[The classes were] purely this fun, educational journey that I got to do with my neighbors. It always felt like [we were] at a family dinner, and like that cousin that discovered Bitcoin is telling everybody else about it.
Brooklyn’s Bitcoin Academy was also backed by Crypto Blockchain Plug (Najah J. Roberts) and Black Bitcoin Billionaire (Lamar Wilson). Wilson was an instructor and the person that connected with the Block CEO Jack Dorsey to propose the program. Courses that were taught included subjects like “Careers in Crypto,” “Wealth Building and Assets,” “Bitcoin & Taxes,” and “Why Decentralization Matters.”
“A lot of times, information doesn’t get to our community. Not because people are being intentionally discriminatory, it’s because they’re not being intentional about getting the information there. And so somebody has to pick up the mantle and do it,” Wilson said. The Brooklyn Bitcoin Academy instructor added:
Because I understand the information and I can break it down into a vernacular that others can understand, especially folks from where I’m from, I feel like it’s almost my obligation to make sure I get the information to them, and it’s not to like recommend them to buy bitcoin or try to get them to invest all their money or anything like that. It’s just really, let me provide the information and allow you as a very intelligent being to make your own decisions.
What do you think about Jack Dorsey’s and Jay-Z’s Brooklyn Bitcoin Academy? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
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