The Brazilian Association of Cryptoeconomics (ABCripto) should release in a live this Thursday (13/8), a code of self-regulation and a manual of good practices for the national crypto sector.
During the live, ABCripto and its associates will sign the document using blockchain technology with the GrowthTech tool, a company that develops blockchain solutions for the notary and real estate markets, among others.
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“The purpose of the Self-Regulation Code is to collaborate with the improvement of operational practices by companies and the adaptation to compliance standards, helping to fill the regulatory gap sector and to increase mechanisms for user protection and legal security ”, said the executive director of ABCripto, Safiri Felix.
Felix calls the document a milestone for the ecosystem, “together with Normative Instruction 1888/2019 of the Federal Revenue Service”, which institutes the mandatory reporting of bitcoin transactions to the Special Secretariat of the Federal Revenue of Brazil.
“Self-regulation will contribute to organizing the market, promoting full cooperation between associates and competent bodies, increasing the reliability of market agents and reducing asymmetries in the information available to users,” says Felix.
The code seeks to establish standards for “know your customer” (KYC) practices and must also provide for penalties for non-compliance with the rules. These practices adopted by bitcoin brokers help to send information to the Financial Activities Control Council (COAF).
The spread started at 7:30 pm and you can follow the live on Cointimes.