Governança, gestão fiduciária e tokenização: análise de normativas vigentes à luz do marco legal de criptoativos

Abstract

Asset tokenization refers to the transformation of physical or virtual assets into digital tokens that can be stored and transferred on a blockchain. This practice provides more accessible investment opportunities and greater liquidity, but it also introduces regulatory and governance challenges, such as defining investor rights and ensuring investor protection. Governance and fiduciary management encompass the set of mechanisms that regulate fiduciaries’ actions to ensure they act in the best interests of beneficiaries, underscoring the need to examine these mechanisms in light of the recent approval of the Cryptoassets Legal Framework, which governs the provision of virtual asset services. The main objective of this study was to assess the alignment of existing governance and fiduciary management regulations for tokenization service providers with the Cryptoassets Legal Framework. This study is exploratory and descriptive in nature, employing documentary research and semi-structured interviews as data collection methods, with content analysis applied to process the data. The study concluded that the governance and fiduciary management regulations applied to tokenization providers show significant alignment with the Cryptoassets Legal Framework (Law No. 14,478/2022), highlighting practices of transparency, compliance, and risk management that are essential for stability and security in the sector. However, certain gaps remain, such as the lack of specific guidelines for asset custody and an inadequate comparison with the crowdfunding market, underscoring the need for regulations more closely tailored to the specific characteristics of cryptoassets.