Brazil authorities announce blockchain sandbox for regulations

The crypto-market is expanding and so does the blockchain technology. The regulation of blockchain technology is also a difficult task.

Recently, the four financial authorities in Brazil have made partnership and announced a blockchain regulation sandbox in South America. The aim is to bring new and advanced regulations for fintech and crypto-products.

After the enactment of money laundering laws and also the steps being taken by the Financial Supervision counsel of Brazil for the regulation of digital currency has laid the foundation for this regulatory sandbox.

Different sectors and institutions from all over Brazil started collaborating with each other in order to strengthen the blockchain technology.

The Central Bank of Brazil, the Securities Commission, Brazil’s Ministry of Finance, and Superintendent of Private Insurance have joined hands to understand this technology and effectively imply this technology to get the maximum benefit from it. They are also exploring different ways to introduce new ideas in fintech.

The regulators are saying that with the rapid use of innovative and scientific technologies most popularly the ledger technology and artificial intelligence has made the business models which are new and advanced. The technologies cover a broad spectrum and will be accessible to everyone.

The Treasury secretary elaborated that the blockchain advancements in the financial institutions in Brazil will open many new opportunities for crypto-sector and also for fundraising arena.

It is revealed that Brazil has the most crypto-owners in Latin-America and globally it is in 5th position. Almost eight percent (8%) people in Brazil will be the owners of the digital assets by the end of this year.