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Article Brazil: New Decree Defines Competence of Regulatory Body for Crypto Assets

On June 13, 2023, Brazilian President Luiz Inácio Lula da Silva promulgated Decreto No. 11.563, de 13 de Junho de 2023 (Decree No. 11,563), which, in accordance with Lei No. 14.478, de 21 de Dezembro de 2022 (Law No. 14,478), establishes the competence of the Central Bank of Brazil (the equivalent to the U.S. Federal Reserve) to regulate the provision of virtual asset services and regulate, authorize, and supervise virtual asset service providers. (Decree No. 11,563, art. 1.)

Decree No. 11,563 does not apply to assets representing securities subject to the regime of Lei No. 6.385, de 7 de Dezembro de 1976, which deals with the securities market. (Art. 3(I).)

In addition, the new decree does not change the competences of the Securities and Exchange Commission (Comissão de Valores Mobiliários); the competences of the National Consumer Protection System (in accordance with Lei No. 8.078, de 11 de Setembro de 1990); or the prevention and repression of crimes provided for in article 4(VII) of Law No. 14,478 (the prevention of money laundering and financing of terrorism and the proliferation of weapons of mass destruction). (Art. 3(II).)

Eduardo Soares, Law Library of Congress
June 29, 2023

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Chicago citation style:

Soares, Eduardo. Brazil: New Decree Defines Competence of Regulatory Body for Crypto Assets. 2023. Web Page. https://www.loc.gov/item/global-legal-monitor/2023-06-28/brazil-new-decree-defines-competence-of-regulatory-body-for-crypto-assets/.

APA citation style:

Soares, E. (2023) Brazil: New Decree Defines Competence of Regulatory Body for Crypto Assets. [Web Page] Retrieved from the Library of Congress, https://www.loc.gov/item/global-legal-monitor/2023-06-28/brazil-new-decree-defines-competence-of-regulatory-body-for-crypto-assets/.

MLA citation style:

Soares, Eduardo. Brazil: New Decree Defines Competence of Regulatory Body for Crypto Assets. 2023. Web Page. Retrieved from the Library of Congress, <www.loc.gov/item/global-legal-monitor/2023-06-28/brazil-new-decree-defines-competence-of-regulatory-body-for-crypto-assets/>.