Criptoativos enquanto valores mobiliários: uma análise crítica do posicionamento da CVM frente aos novos meios de finanças descentralizadas

Abstract

This paper aims to make a critical analysis of the position taken by the Comissão de Valores Mobiliários on the process of fundraing through the public offering of cryptoassets within its jurisdiction, in the face of the development of new means of decentralised finance. Its goal is to analyse several multidisciplinary concepts needed to discuss the regulation on these new forms of economic organisation, willing itself to be a theoretical reference for a more in-depth academic discussion, in addition to creating an analysis framework for studying the regulatory process of the financial national system’s sectors by the Government. It concludes that the lack of adequate positioning by the CVM obstructs the full development of the cryptoeconomy in Brazil, thus it must adapt its regulatory activities, delimiting a clear limit for its jurisdiction on public offering of cryptoassets, recognizing the material limits of its activity, rethinking the regulation taking into account the specifics of decentralised finance, assuring the full development of this specific sector, maximizing its benefits while minimizing its risks.