The Brazilian securities regulator, the Comissão de Valores Mobiliários (CVM), plans to begin a second regulatory sandbox programme in 2024, concentrating on tokenization use cases.
Brazil Plans Second Regulatory Sandbox Program
The Brazilian securities regulator, the Comissão de Valores Mobiliários (CVM), plans to begin a second regulatory sandbox programme in 2024, concentrating on tokenization use cases.
CVM's superintendent of institutional investor supervision, Daniel Maeda, disclosed the concept during Rio Innovation Week. The decision to look into a regulatory sandbox for tokenization was made following the successful tokenization of around $36 million in assets.
Maeda remarked that the CVM intends to foster innovation without imposing constraints. While particular cases have not been established, the regulator is interested in areas such as agribusiness and Environmental, Social, and Governance (ESG). However, the second sandbox program's introduction will be contingent on changes in Brazil's crypto market, especially developments involving the country's central bank digital currency, the Drex.
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