The largest cryptocurrency exchanges in Brazil concluded an agreement on creation of cryptocurrency association.
The largest cryptocurrency exchanges in Brazil, such as Bitcointrade, Mercado Bitcoin, Foxbit and others, concluded an agreement on creation of cryptocurrency association. The goal of the association is to protect interests of cryptocurrency users.
The first organization was called the Brazilian Association for Cryptoeconomics (ABCripto). The second is called Associação Brasileira de Criptomoedas e Blockchain (ABCB). ABCB was founded in October 2017, one month earlier than ABCripto. Both organizations believe that they could make a "communication channel to work together for the good of the country".
According to the local news portal Do Bitcoin, two projects seem to have different views on the potential rules on cryptocurrency regulations, but nevertheless, they are looking forward to their collaboration.
ABCripto considers to regulate cryptocurrencies as assets. Natalia Garcia, ABCripto’s vice president, says that the organization is looking for regulators that could help in developing the best way to regulate digital assets.
ABCB has not found a clear position regarding cryptocurrency regulation in Brazil yet. According to Fernando Furlan, the president of association, the association will “defend the cryptocurrency markets in Brazil, defend privacy, and regulations that won’t end innovation.”
Fernando Furlan said about cryptocurrency regulation: “There is legal uncertainty. Depending on the purpose, it may be considered a means of payment or a financial asset.“
For information, since January, Brazilian investment funds has actually prohibited buying cryptocurrencies. This happened after the Securities and Exchange Commission of Brazil statement that the digital currency cannot be considered as a financial asset, and therefore direct investments in it are banned.