Four of Brazil’s major financial authorities have come together to regulate emerging technologies, including blockchain.
The Ministry of Finance, the Central Bank of Brazil, the Securities Commission, and the
Superintendent of Private Insurance recently announced their intention to adapt new regulations to manage fintech and cryptocurrency.
The institutions will create a regulatory sandbox in the hopes of understanding and allowing concessions for new fintech ideas.
The increasing commercial activity surrounding new technologies is the main reason behind the regulatory sandbox initiative.
In the case of blockchain, the Secretary of Treasury talked about the utility of DLT in Brazil’s financial markets. It also referred to cryptocurrencies and ICOs for financing.