The Brazilian Association of Financial and Capital Market Entities (ANBIMA) will incorporate cryptocurrencies into its self-regulatory rules process. These rules are in line with the "Code of Best Practices" of the association in the market and should be updated in the coming months in the thematic committees of ANBIMA's work.

The detail is that the people who make these rules are professionals from the relevant institutions and are representatives of the financial markets.

After the rules are made, they are monitored by the market and can be a case for institutional judging.

ANBIMA to include cryptocurrencies in self-regulatory rules

ANBIMA has released a project that plans to include cryptocurrencies and offshore investments in its self-regulatory rules in 2022.

Both of these topics are attracting attention in Brazil in 2021 after Pandora Papers revealed that Brazilian authorities have offshore operations. In addition, cryptocurrencies are gaining more space in the Brazilian financial market as investment products are listed on stock exchanges.

Consulted by Livecoins this Thursday (3), ANBIMA said that the work is still in its early stages and therefore there is still no material to share with the market.

However, the news will soon be posted on ANBIMA's social networks.

"ANBIMA's self-regulation is organized in a private voluntary manner and consists of three activities that constitute the general concept of regulation (Table 1): (i) rulemaking, committees in the association's representative districts (which are bodies in which representatives of ANBIMA member institutions participate), (ii) supervision and (iii) enforcement, which brings together enforcement and penalties for violations initiatives."

How ANBIMA's Self-Regulation Works / Replication

Who does ANBIMA stand for?

ANBIMA was founded in 2009 to represent the interests of banks, managers, brokers, distributors and executives. In other words, the traditional financial markets began to exert their influence to find clearer rules for the cryptocurrency space.

For example, with the arrival of ANBIMA, brokers entering the cryptocurrency market may have to comply with self-regulated defined rules. Banks that already offer products and are affiliated with the association will also have to comply with established rules, which will be published in the coming months.

As such, she represents institutions that have entered the cryptocurrency market in recent months but still do not fully understand its decentralized operations and are not controlled by governments and companies, and these rules can help them better understand the ecosystem.

It is worth remembering that in 2021 ANBIMA opened a course in Brazil on the price of cryptocurrencies, which also talked about investments in water and cannabis.