CVM asks Mercado Bitcoin for clarification on fixed income cryptos

The Securities and Exchange Commission (CVM) sent on Tuesday (27) a request for clarification to the Mercado Bitcoin brokerage regarding the fixed income token offering. The information was disclosed by the Estado de S.Paulo newspaper last night and confirmed by the InfoMoney.

The so-called fixed-income tokens – or fixed-income cryptos – are assets issued on blockchain and which are backed by investments normally traded in the traditional financial market. They have been attracting consumers by taking products normally available only to qualified investors to retail, and may be linked to receivables, court orders, consortia and even energy contracts.

The cryptocurrency exchange, which is part of the 2TM group, will need to inform the CVM of the amount raised in these investments since January 2020, in addition to submitting a list of investors who acquired the cryptos in the period. The municipality also asked the company to clarify whether it intends to maintain the offer of assets on the platform.

In a note, Mercado Bitcoin states that it does not carry out “a public offering of securities outside the scope of the authorizations we have as an authorized crowdfunding and investment manager platform”.

“In relation to the so-called non-security tokens (tokens that do not represent securities), we take due care not to infringe the field of action of authorized entities, including, previously consulting the regulator about the structure used for such tokens, at the beginning of our operations in 2020”.

Yesterday afternoon, the InfoMoney exclusively reported that the CVM intends to issue an opinion recommending that companies seek the agency before issuing any tokens that could be considered securities, in line with the stance adopted by the Securities and Exchange Commission (SEC), the US CVM.

Since 2019, the SEC has argued that “even if registration is not required, activities involving digital assets that are securities may still be subject to the Commission’s regulation and oversight.”

According to a person familiar with the opinion prepared by the CVM, the text will also provide clearer criteria to define when digital assets have characteristics that make them closer or farther from the concept of security. The CVM should consolidate in the text the statements made in the past by the autarchy on the subject of the so-called security tokensdigital assets with characteristics of securities.

In a note, the body reinforced that the opinion will have “general directives on the subject”, but clarified that “it is not, at least for the time being, a regulation, since there is currently no legal provision”. “The document will have a recommendation and market orientation character”, pointed out the statement.

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