Following the recent decision, crypto assets now fall under the same purview. Minister Ricardo Villas Bôas Cueva, who voted in the five-person panel, said cryptocurrencies still lack formal regulation in Brazil but noted certain bills have recognized the asset class as “a digital representation of value.” Related: Brazil’s data watchdog upholds ban on World crypto paymentsDespite regulatory uncertainty, Brazil is a major hub for cryptoAlthough Brazil still lacks an overarching framework for digital assets, with the country’s central bank divvying up the regulatory processes into phases, crypto adoption is surging across the country.
Source: ChainalysisEarlier this year, crypto exchange Binance was granted approval to operate in the country after it acquired a São Paulo-based investment company. A Binance executive told Cointelegraph at the time that Brazil was making “significant strides” in regulating the industry and expects a comprehensive framework to be finalized “by mid-year.”Nevertheless, not all of Brazil’s regulatory proposals have been favorable for the industry.
The decision was reached unanimously by the Third Panel, which reviewed a case brought forward by a creditor.“Although they are not legal tender, crypto assets can be used as a form of payment and as a store of value,” a translated version of the Superior Court of Justice’s memo read.
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