Brazil's Licensing Regime Takes Shape with Tatiana Guazzelli

11/15/24

Tatiana Guazzelli is a partner at Pinheiro Neto Advogados, which is one of Brazil’s largest and most prominent law firms and represents some of the top crypto companies operating in the country. Tatiana provides important perspective on the many simultaneous movements happening with regard to crypto regulation in Brazil These developments include:

  • The Central Bank's proposed licensing structure, which includes a three-tiered licensing system for crypto service providers: intermediaries, custodians, and brokers

  • Asset segregation legislation advancing through Congress that would enable the Central Bank to - require exchanges to separate customer assets as part of its licensing regime.

  • The Receita Federal is overhauling its tax reporting requirements for crypto assets

  • The CVM is expected to issue a public consultation regarding rules for tokenized securities offerings

  • The Central Bank will a separate public consultation in 2025 focused on stablecoin regulation

    0:00 - Introduction
    2:15 - Evolution of crypto regulation in Brazil (2015-present)
    6:30 - Recent Central Bank consultations explained 12:45 - Three-tiered licensing system breakdown
    17:20 - Asset segregation requirements
    22:40 - Transition process for existing operators
    28:15 - International regulatory alignment
    32:30 - Federal Revenue and CVM developments
    36:45 - IOF tax considerations
    41:20 - Timeline and next steps
    45:30 - Market entry recommendations
    48:45 - Closing remarks

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