The Brazilian regulator will launch a "sandbox" to tocenize assets in 2024 year – Bits Media

Brazilian securities commission and exchanges (CVM) plans to launch the second program of the regulatory "sandbox" for the development of tokenization of assets in the country in 2024 year.

Speaking at the Rio Innovation Week event, superintendent of the department for the supervision of institutional CVM investment Daniel Marya (Daniel Maeda) told, that within the framework of the normative sandbox, the regulator will study various scenarios of asset tokenization. This sandbox starts a second time, since earlier the Brazil authorities have successfully launched a similar project in the amount $36 million.

“We do not determine, when and in what cases it is possible to tocenize assets, since innovations need to be implemented without preliminary restrictions. Undoubtedly, There are some areas, where we will be interested in introducing tokenization: This is agribusiness, ecology, Social sphere and management ", - said Maja.

The superintendent added, that CVM plans to wait for amendments to Brazil's legislation, in particular, concerning the digital currency of the country's central bank. According to Maeda, CVM and Central Bank of Brazil should take into account the development of crypto industry and observe, how other countries regulate it.

“I really respect the US Securities and Exchange Commission (SEC) And I don't think, What should I judge, What position does it take in relation to cryptocurrencies: Correct or not. As for CVM, We see many advantages in this market. Thanks tokenizations, Transparency increases, Investors' costs are reduced, And investments become more democratic ", - said the superintendent CVM.

Last year, the largest Brazilian bank Itaó Unibanko, in the development of digital real, announced his readiness to provide his customers with tokenization services. Besides, Some legislators of Brazil proposed tocenize gold and use the blockchain to combat illegal prey and the sale of this precious metall.