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Last Monday (27), the Brazilian Association of Financial and Capital Market Entities (Anbima) began a public consultation to discuss new rules for funds and managed portfolios that invest in cryptocurrencies.

The initiative seeks to establish minimum governance and due diligence requirements for essential service providers, such as managers and administrators, in line with CVM Resolution 175, which allows direct investment in cryptocurrencies by funds.

For those who wish to participate, the public consultation will remain open until June 20th. Furthermore, the new rules must come into force on October 1st, with an adaptation period extended until June 30th, 2025. After this date, all funds must be adapted to the new requirements.

Investment policy

Among the proposals highlighted, Anbima suggests that managers maintain a detailed policy on the area responsible for investment decisions and the criteria used in the selection of cryptoassets. This includes procedures related to custody and the process of acquiring and monitoring these assets, known as “know your token”.

Furthermore, Anbima proposes the standardization of the cryptocurrency pricing methodology. This methodology must be included in the institutions’ Pricing Manuals, which are sets of rules, procedures, criteria and methodologies used by administrators to establish the prices of investment fund assets.

Zeca Doherty, executive director of Anbima, explained that this initiative is a continuation of actions aimed at the self-regulation of cryptoactive funds. According to Doherty, the focus last year was on increasing the transparency of these funds for investors. Now, Anbima seeks to advance in governance, aligning itself with international recommendations.

“It is our role as a self-regulator to ensure these pillars, which are fundamental to the healthy development of these funds and investor security,” stated Doherty.

Impact on the financial market

Cassio J. Krupinsk, CEO of BlockBR, a fintech specialized in tokenization infrastructure, sees Anbima’s initiative as positive. He believes that the new rules promote a more reliable environment, benefiting investors and strengthening the Brazilian financial market. “As long as they do not create barriers to growth in the sector, these rules are welcome. For two years we have been working on the infrastructure that standardizes governance information and carries out due diligence on portfolios invested in the sector for funds, showing synergy between the regulated and the digital economy”, commented Krupinsk.

In addition to the rules for cryptocurrency funds, Anbima opened a public hearing focused on cybersecurity requirements. This hearing addresses the hiring of third parties for data processing and cloud storage services, ensuring the protection of investor data.

Those interested in contributing comments, suggestions or clarifying doubts about the proposed new rules have until June 20th to send an email [email protected]. Public participation is essential to adjust standards according to market needs and expectations.

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