Banca de DEFESA: MARIANA FERNANDES

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : MARIANA FERNANDES
DATE: 30/05/2025
TIME: 10:30
LOCAL: Local/Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_NmUxMzEwY2MtYjM0MS00ZTg4LWFmNDMtM
TITLE:

Asset segregation in Brazil’s virtual asset market: an analysis of the current regulatory framework and the proposals under consideration

KEY WORDS:

crypto-assets; crypto-asset service providers; asset segregation; Brazilian Cryptoassets Legal Framework; Law n. 14.478/22

PAGES: 137
BIG AREA: Ciências Sociais Aplicadas
AREA: Direito
SUMMARY:

The rapid growth of the global cryptoasset market has been followed by increasing concern from central governments regarding its potential impact on the traditional financial system and its use for money laundering and terrorist financing. Moreover, scandals involving asset mismanagement and the collapse of major players such as Mt. Gox and FTX have led to a broad consensus on the need to ensure adequate protection for investors, who are often inexperienced. Therefore, several countries have undertaken efforts to create and implement robust legal frameworks capable of responding to the new challenges posed by technological innovation. In Brazil, although the enactment of the Cryptoassets Legal Framework (Law n. 14.478/22) represents a significant step toward establishing a consistent regulatory structure, the legislator has (intentionally) omitted provisions requiring virtual asset service providers (VASPs) to segregate client assets from property assets. This study aims to study whether such a regulatory gap constitutes a relevant institutional weakness. To that end, it examines the extent to which the establishment of segregation rules may affect transaction costs in the market, as well as their potential to reduce uncertainty and foster economic development. The research investigates the legal treatment of asset segregation in Brazilian VASPs, considering both the current legal framework and pending legislative bills, as well as published draft resolutions by the Central Bank of Brazil. The findings indicate that the existent legal framework is insufficient to ensure adequate asset protection for users and investors in the domestic market. Furthermore, the proposals currently under legislative consideration, at least in their present form, are inadequate to fill the gap left by the legislator or to provide the legal security, in line with international best practices. The study concludes that the Brazilian legal framework should be complemented through the draft of a bill establishing the legal and operational obligation to segregate client assets and funds, along with specific mechanisms for mitigation and asset management.

COMMITTEE MEMBERS:
Externo à Instituição - CARLOS EDUARDO ELIAS DE OLIVEIRA - SENADO
Interno - 2250715 - FABIANO HARTMANN PEIXOTO
Presidente - 2170701 - FREDERICO HENRIQUE VIEGAS DE LIMA
Externo à Instituição - Raphael Marcelino de Almeida Nunes - IDP