Crypto & Blockchain
Classification of virtual asset service providers and blockchain applications.
Blockchain applications may involve the provision of virtual asset services, the issuance of digital rights or the mere recording of information. Each case requires its own analysis. The Central Bank's regulation for virtual asset service providers governs authorization and operation, while the Securities and Exchange Commission (CVM) remains competent when the asset constitutes a security. The use of distributed ledger technology does not automatically change the legal nature of the rights being traded.
The advisory work examines the services offered, the relationship with users and the custody, transfer and trading flows. It also covers contracts, segregation of responsibilities, anti-money laundering measures and interfaces with foreign exchange and data protection rules. In tokenization projects, the analysis considers the economic substance and the form of distribution, including any public offering. The structure must take into account the providers involved and the rules applicable to the Brazilian market, even when part of the technology is based abroad.
Our work
- Classification of virtual asset services and assets
- Custody, transfer and trading agreements
- Tokenization analysis and BCB/CVM interfaces
Is a token outside CVM's scope just because it uses blockchain?
No. The characterization depends on the rights involved and the economic structure. Tokens that qualify as securities are subject to the corresponding regime, including offering rules.
Editorial review: