The duty to communicate and the impacts of the lack of regulation of cryptocurrency exchanges in Brazil

• Autor(a) principal: Conci, Milena Loyola
• Data de Publicação: 2022
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/148902
• topic: Crypto-currencies; Exchanges; Regulations; Direito

The theme of this paper consists in characterizing the regulation of crypto-active products and the operation of exchanges in the Brazilian normative and economic scenario. To this end, it proposes to show the reader the distinctive characteristics that have enabled the ver-tiginous leverage in the use of crypto-active instruments over the last decade through the establishment of concepts that are relevant to the understanding of this market, as well as the speed of the degree of advancement in the accounting regulation of crypto-active in-struments and the brokers that provide this type of service around the world. Taking into consideration the structural characteristic, the first section brings the contextualization of the functioning of crypto-active products and blockchain technology, whilst the second refers to the presentation of the provision for possible legal provision to which the func-tioning of crypto-active products shall be submitted. The third section, in turn, seeks to demonstrate the mode of operation of exchanges, as well as through which ways exchanges provide their services to their clients. In the fourth section, the possible regulatory paths for exchanges in Brazil are addressed taking as a basis what is being discussed in the Brazilian Parliament and what is the guiding parameter in the rest of the world. What we see is a regulatory grey area concerning exchanges: what information, how, and to whom it should be reported. In this sense, on one end there is total centralization by the State in the func-tioning of the crypto market. On the other hand, there is the absence of any form of regula-tion on crypto-activities and exchanges. It advocated the existence of guarantees provided to customers by exchanges, such as asset segregation, transparency in the provision of in-formation, and contribution to the reporting of suspiciously illicit activities to the compe-tent authorities.