Giulia Keese Montanhesi
Lawyer at Marcos Martins Advogados
On August 13, 2020, the Brazilian Cryptoeconomics Association (ABCripto)[1] announced the creation of a self-regulatory code for the cryptoassets sector in Brazil. The standard came into force on August 14, 2020 and aims to implement best operating practices and adopt policies to prevent misuse of digital assets, promote user protection mechanisms, prevent money laundering and terrorist financing, as well as making it possible to send information to public bodies, such as the Financial Activities Control Council (Coaf).
The Association believes that the project is a significant milestone for the national market, together with Normative Instruction 1888/2019 of the Federal Revenue Service, in addition to organizing the market, promoting the full cooperation of members with the competent bodies, increasing the reliability of market agents and reducing asymmetries in the information available to users.
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[1] ABCRIPTO. Manual of Good Practices in the Prevention of Money Laundering and Terrorist Financing for Brazilian Exchanges. Disponível em: https://86613500-eaf4-4162-8d4d-c18355319852.filesusr.com/ugd/55dd41_206786481fc84485817e8d906b54b241.pdf. Accessed on: Aug. 24, 2020.
