New CVM director appointed by Bolsonaro has his eye on Bitcoin and cryptomoedas

CVM appoints new director who will drive sandbox and claims to be ‚on the lookout‘ for Bitcoin

The Securities and Exchange Commission, CVM, announced this week that it has a new director, lawyer Alexandre Costa Rangel.

The new director was appointed by the President of the Republic, Jair Bolsonaro and had his appointment approved by the Senate and will serve until 12/31/2024.

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Rangel is a lawyer, graduated from the Law School of the State University of Rio de Janeiro (UERJ), and founder of Costa Rangel Advogados.

He has also worked for 19 years with capital markets and corporate law, gathering professional experience in the public and private sectors.

He began his career as a trainee at the CVM’s own college, from 2002 to 2004.

He was also legal advisor to the National Financial System Resources Council (CRSFN), from 2008 to 2010.
Bitcoin

The new director of CVM is also „on the lookout“ for the Bitcoin and cryptomoedas market.

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Thus, even when he was sabotaged by the Senate, when questioned by Senator Izalci Lucas (PSDB-DF) pointed out that both he and the CVM are monitoring the cryptoactive market.

The senator had shown concern about cyber risks related to electronic currencies, such as bitcoins, and wanted to know Rangel’s position on the matter.

In response, the sabatado said that the CVM recognizes the growth of digital currencies and has sought to control the market.

„The cryptoactives go through a heated moment, only in 2020 we had an increase of around 70% in these investments. It is a still initial form [in Brazil], but the CVM has looked very carefully at these cores of responsibility and reinforced the duty of diligence imposed on these authorized Brazilian service providers. There is a control historically very well exercised,“ he said.

Sandbox

The new director of the CVM will also be responsible for conducting the Sandbox of the autarchy that may allow the issuance of securities tokens in a regulated environment.

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In this line, according to Antonio Berwanger, Market Development Superintendent at CVM, in an interview with the Cointelegraph, the sandbox may allow tokenization in the regulated market and smart contracts present interesting examples for the autarchy project.

„Blockchain is a new technology that can be tested and implemented for several activities in the markets regulated by CVM. Remembering that a sandbox environment is a testing environment, with a defined term, that is, it is temporary. But if a tokenization or a tokenization environment is within the markets regulated by CVM, it can be considered a good candidate for this initiative“, revealed Berwanger.

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