The promulgation of the law regulating cryptocurrencies in Brazil (Law 14478/22)which took place in December last year, helps to better understand limits and responsibilities of those who want to explore the virtual asset market, or the famous tokens. The law seeks to guarantee greater security for consumers and should encourage the entry of individual, institutional, professional and qualified investors. With that, and a greater maturity of the market, the sector should consolidate.
This was predicted by Yan Viegas Silva, a partner at Silveiro Advogados in the Corporate Law area and specialized in crypto assets. “Blockchain technology, used for the asset tokenization process (the process of digitally representing an asset or ownership of an asset), has worked very well for, but is not limited to, cryptocurrencies. More than that, it is a very well built system of shared digital records, which allows the veracity and transparency of the shared data, without the need for an entity in charge of monitoring.”, shared the specialist.
The number of people investing in digital assets, according to data from the Brazilian Association of Financial Entities and Capital Markets (Anbima), has already exceeded the number of CPFs registered on the Brazilian stock market and represents 3% of the Brazilian GDP (Gross Domestic Product).
This growth is powered by tokenization, which allows the public to have access to different types of investments and services that they would not have before. Although the term “token” is widely used by banks to describe a device that generates passwords, means “intangible digital values”, according to Opinion 40 of the CVM (Securities Commission), which reinforced its importance for crypto assets.
NFTs (non-fungible tokens), in turn, represent something unique, with exclusive characteristics, without the possibility of replacing it with something similar.
“We discuss a lot about bitcoin, stablecoin and other more traditional assets. However, we cannot forget about NFTs and products created to be used in the metaverse and digital services, such as Adidas, which recently launched an exclusive token to empower future creators in cyberspace, and fan tokens, which offer benefits exclusive to the followers of a certain club. Reducing costs through the use of automated systems and blockchain technology tends to benefit people willing to explore this new market in the long run.Silva argued.
Agility
In a world that demands more and more agility in processes, the arrival of blockchains fills an important need for those who invest money, allowing a practically immediate withdrawal, which is known as “atomic liquidation”.
“In the traditional model, for example, when selling a share in a brokerage house, it took me about two days to receive the money in my account (estimated time to reconcile information and complete/settlement the operation). However, this new technology allows the transaction to be carried out almost instantly, automatically. There is also a reduction in intermediation costs, centralizing the operation in a single person, who can guard the real asset, such as a house, or simply make sure that the code works”, he added.
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